US, IEA announce record oil release to steady markets

Summary

The United States and the International Energy Agency (IEA) have announced a coordinated release of 400 million barrels of oil to stabilise markets amid disruptions linked to tensions around the Strait of Hormuz.

WASHINGTON, March 13, 2026 — The United States and its allies are undertaking the largest coordinated emergency oil release on record, seeking to ease supply pressures after disruptions to Gulf energy flows.

US Energy Secretary Chris Wright said on March 12 the US will release 172 million barrels from the Strategic Petroleum Reserve (SPR) as part of a broader IEA-backed effort involving multiple member countries.

Coordinated intervention

Officials said the combined release will inject roughly 3.3 million barrels per day into global markets over about four months, providing short-term relief from tight supply conditions.

The move follows sharp price swings earlier in the week amid concerns over regional instability and shipping disruptions.

Replenishment plans

Wright said the US plans to replenish reserves over time, noting arrangements are being considered to rebuild stocks after the drawdown. Specific details on procurement timelines have not yet been disclosed.

The SPR currently holds roughly 415 million barrels, according to government data.

Market reaction

Brent crude futures eased after the announcement, falling from recent highs earlier in the week.

However, analysts caution the release may only partly offset supply losses if disruptions persist, with regional production and transport flows still constrained.

Why this matters

• Energy markets: Aims to contain volatility and stabilise prices.
• Global supply: Addresses short-term shortages amid disruptions.
• Policy signal: Reflects coordinated action by major consuming nations.

FAQs

Q1. How large is this release compared with past actions?

Officials describe it as the largest coordinated release so far, exceeding earlier interventions during previous crises.

Q2. Will the SPR be depleted significantly?

The drawdown will reduce US reserves, though authorities plan gradual replenishment.

Q3. Why did oil prices fall after the announcement?

Markets reacted to expectations of increased near-term supply.

Q4. Is the Strait of Hormuz fully closed?

Shipping remains severely disrupted, with heightened security risks affecting transit.

Q5. Who is Chris Wright?

Chris Wright is the US Secretary of Energy and oversees federal energy policy and emergency response planning.