The International Energy Agency (IEA) has proposed releasing more than 182 million barrels of oil—the largest release in its history—as a measure to curb rising crude prices, The Wall Street Journal reported Tuesday, citing officials familiar with the matter.

The proposal, presented Tuesday during an emergency meeting of the organization’s 32 member countries, would surpass the record releases carried out in 2022. A decision on the measure is expected on Wednesday. Approval would require consensus, meaning that a single objection could delay the initiative.

The objective is to counter the disruption caused by the near-total closure of the Strait of Hormuz, a strategic maritime route through which roughly one-fifth of the world’s oil supply passes. Since February 28—when the United States and Israel launched their offensive against Iran—crude prices have surged by as much as 40 percent, exceeding $100 per barrel.

The IEA coordinates strategic reserves totaling about 1.2 billion publicly held barrels, in addition to roughly 600 million barrels of commercial reserves, to shield member economies from supply shocks and market turbulence.

Economists warn that a sustained increase in oil prices could fuel inflation, trigger stock market corrections, and create financial pressure for consumers.

According to the report, previous releases of strategic reserves have produced mixed outcomes. In 2022, the initial reaction saw prices rise amid perceptions of a deepening crisis, though the measure eventually contributed to a decline. In 1991, during the Gulf War, a coordinated release helped reduce oil prices by more than 20 percent on the first day of the operation.

Aggression Against Iran

Israel and the United States launched a joint offensive in the early hours of Saturday, February 28, with the stated objective of “eliminating the threats” posed by the Islamic Republic of Iran.

The attacks resulted in the death of Ayatollah Ali Khamenei and several senior military officials. Following the event, Mojtaba Khamenei, 56, was selected as his successor.

In response to the offensive, Tehran launched several waves of ballistic missiles and drones targeting Israel and U.S. bases across countries in the Middle East.