A record 400 million barrels of oil will be released from strategic stockpiles by the International Energy Agency.

The International Energy Agency has decided to release a record 400 million barrels of oil from strategic stockpiles in an effort to calm global petroleum markets following the commencement of conflict between the United States, Israel, and Iran.

The move marks the greatest coordinated emergency stock release ever planned by the Paris-based energy authority. The action comes after fears of supply interruptions caused by tensions in the Strait of Hormuz drove global oil prices substantially higher earlier this week.

Strategic stock releases are often used to keep markets stable during supply interruptions by temporarily increasing physical oil availability.

Source: newsthemegh.com