The International Energy Agency is leading a coordinated release of strategic oil reserves, with the U.S. and Canada committing over 100 million barrels combined to stabilize markets disrupted by the ongoing conflict in Iran.
Major Reserve Releases
The United States will release 86 million barrels and Canada will contribute 23.6 million barrels to the global market starting next week.
Market Disruptions
Oil prices are approaching $100 per barrel following disruptions in the Strait of Hormuz caused by U.S. and Israeli airstrikes in Iran.
Diplomatic Breakthrough
Japan successfully lobbied cautious European G7 members to support the joint release, citing the high dependency of Asian markets on Middle Eastern oil.
UK Domestic Support
Chancellor Rachel Reeves is considering targeted financial aid for British households as energy costs continue to climb.
The International Energy Agency is coordinating a major release of oil stockpiles from member countries to counter surging prices driven by the war in Iran, with the United States set to begin releasing 86 million barrels of crude oil from its Strategic Petroleum Reserve at the end of next week. Canada announced it will contribute 23.6 million barrels to the IEA-led effort, according to Energy and Natural Resources Minister Tim Hodgson. US Energy Secretary Chris Wright confirmed the American release timeline, making it one of the largest coordinated stock releases in recent memory. Oil prices have surged past $100 per barrel as the conflict in Iran disrupted global supply chains, with Iran stepping up attacks on oil tankers in the Gulf. The scale of the coordinated response reflects the severity of the market disruption caused by the conflict.
Japan's Minister for Economy, Trade and Industry, Ryosei Akazawa, described European participation in the stock release as a reciprocal gesture toward Tokyo. „Europe repaid Tokyo a favour by supporting oil stock release” — Ryosei Akazawa via Reuters Akazawa separately asked Australia, Japan's biggest supplier of liquefied natural gas, to boost output, according to Reuters. The coordinated nature of the release underscores how broadly the Iran conflict has affected energy-importing nations across multiple continents. Japan, as a major energy importer with limited domestic production, has particular exposure to disruptions in Gulf shipping lanes.
The IEA was established in 1974, partly in response to the oil embargo of that era, with a core mandate to coordinate emergency oil releases among member states during supply crises. The organization's 32 member countries and 13 association countries represent 75% of global energy demand, giving collective stock releases significant market weight. Iran's position along the Strait of Hormuz, a critical chokepoint for global oil shipments, has historically made any conflict involving the country a major concern for energy markets. Web search results from Reuters indicate that Iran told global markets to prepare for oil at $200 per barrel as it fired on merchant ships, a statement published on March 10, 2026.
In the United Kingdom, Chancellor of the Exchequer Rachel Reeves said the government is considering targeted support for households as energy costs rise due to the Iran war. Both Reuters and Bloomberg Business reported that Reeves is weighing options to shield consumers from the price surge, though no specific measures have been confirmed. The Independent reported that Reeves vowed to support households, framing the government's response as a direct reaction to the war's impact on oil prices. 86 (million barrels) — US crude oil release from strategic reserve 23.6 (million barrels) — Canada's contribution to IEA coordinated release The combination of a coordinated international stock release and potential national household support measures reflects the dual pressure governments face — stabilizing markets while protecting consumers from immediate cost increases.