IEA backs record release from strategic oil reserves to bring down prices

International Energy Agency member countries have unanimously agreed to release 400 million barrels of oil reserves into the global market – the largest-ever move in its history – in a bid to bolster supplies and calm markets amid the escalating U.S.-Israeli war with Iran. The release, announced by IEA executive director Fatih Birol Wednesday morning, is in response to Iran’s effective closure of the Strait of Hormuz in the Persian Gulf. The narrow waterway normally provides a route to market for 15 million barrels per day of the world’s crude oil supply and another 5 million barrels per day of…