To curb this disruption, IEA countries agreed to release 400 million barrels of oil from their emergency reserves, the largest release in history. "The oil market challenges we ar

Oil watchers could soon see a record flood of crude hit the market, the Wall Street Journal reports. The International Energy Agency has proposed its biggest-ever coordinated release of emergency oil reserves to blunt a price spike tied to the US-Israel war with Iran and the near-shutdown of the Strait of Hormuz,

Crude turned lower Wednesday after a report said that the International Energy Agency has proposed its largest ever release of oil reserves to bring down prices in the wake of the Iran war.

The International Energy Agency is to recommend ​the release of 400 million barrels of oil, the largest such move in IEA history, to try to restrain soaring crude prices ‌amid the U.S.-Israeli war with Iran.

Countries would decide Wednesday whether to release oil stocks in an attempt to tame crude prices.

Oil prices sank and equities rallied Tuesday following a wild day of swings that came after President Donald Trump signalled that the US-Israel war on Iran could end sooner than