Dozens of countries have agreed to the largest release of emergency oil stocks in history following fresh attacks on commercial vessels in the Strait of Hormuz. The International Energy Agency (IEA) announced Wednesday the release of 400 million barrels of oil, aiming to stabilize crude prices that have surged due to escalating tensions stemming from the conflict involving the United States, Israel, and Iran.
The IEA stated that 32 member countries unanimously backed the move, describing it as the sixth such release and the “largest ever” in the organization’s history. The action is intended to counter fears that continued Iranian attacks will disrupt Middle East oil exports, effectively weaponizing the Strait of Hormuz – a critical chokepoint for global energy supplies.
“The oil market challenges are unprecedented in scale,” said IEA Executive Director Fatih Birol. “I am very glad that IEA member countries have responded with an emergency collective action of unprecedented size.”
The volume of oil being released surpasses the 182.7 million barrels IEA members released in 2022 in response to Russia’s invasion of Ukraine. The IEA indicated the oil will be “made available to the market over a timeframe that is appropriate to the national circumstances of each member country,” with some nations planning additional emergency measures.
The decision followed an emergency meeting of G7 leaders chaired by French President Emmanuel Macron. Macron lauded the IEA’s decision, stating it represented the equivalent of “20 days of the volume being exported through the Strait of Hormuz.” He added that the G7 nations alone account for 70 percent of the total release.
Germany, Austria, and Japan announced plans to contribute to the release. Germany’s economy minister, Katherina Reiche, said the IEA requested a release of 2.64 million tons of German oil reserves, with deliveries expected to begin within days. Japan announced its intention to release approximately 80 million barrels from both public and private reserves, acting preemptively ahead of formal IEA approval. Prime Minister Sanae Takaichi stated the release would begin as early as March 16th.
Western economies coordinate strategic oil stockpiles through the IEA, established in 1974 following the oil crisis. IEA members collectively hold over 1.2 billion barrels of emergency stockpiles, supplemented by an additional 600 million barrels held by industry under government obligation.
Despite the coordinated release, oil prices rebounded Wednesday, suggesting market skepticism about the plan’s ability to fully offset disruptions caused by the conflict. Three more vessels were reportedly hit by projectiles in the Strait of Hormuz on Wednesday, according to maritime security firms.
Data analysis indicates approximately 20 commercial vessels have been targeted in or near the Strait of Hormuz, as the waterway becomes a central battleground in the ongoing conflict. At least ten oil tankers have been directly hit, targeted, or reported as having been attacked since the start of the conflict, according to reports from the UK Maritime Trade Operations (UKMTO), the International Maritime Organization (IMO), and Iranian authorities.
Iran’s Revolutionary Guard has claimed responsibility for drone strikes on three tankers: the Athe Nova, the Prima, and the Louis P. Other vessels reporting explosions, strikes, or suspicious activity include the Skylight, MKD Vyom, Hercules Star, Ocean Electra, Stena Imperative, Libra Trader, Sonangol Namibe, four bulk carriers, three container ships, a tugboat, an oil drilling vessel, and a general cargo ship. Thailand’s navy reported its bulk carrier, the Mayuree Naree, was attacked, with 20 crew members rescued and efforts continuing to locate three more. The Revolutionary Guard claimed responsibility for this attack as well.
Iranian officials have issued conflicting statements regarding the Strait of Hormuz. While a Revolutionary Guard general last week threatened to “burn any ship” attempting to cross the strait and block all Gulf oil exports, Foreign Minister Abbas Araghchi later stated Iran had “no intention” of closing the passage. On Wednesday, IRGC naval commander Alireza Tangsiri stated in a social media post that “any vessel intending to pass must get permission from Iran.” The Iranian military’s operational command, in a separate statement on state television, declared any vessel linked to the US, Israel, or their allies would be considered a legitimate target, reiterating a warning that “not a single litre of oil” would be allowed to transit the strait.
