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On March 10, 2026, the International Energy Agency (IEA) suggested its biggest-ever Strategic Petroleum Reserve (SPR) release in a definitive reaction to the growing conflict between Israel and Iran. Member nations are voting today, March 11, on a plan to inject between 300 million and 400 million barrels of crude into the global market—nearly 30% of the world's total emergency reserves. This unprecedented action seeks to stabilize an energy landscape badly upset by the continuous blockade of the Strait of Hormuz and targeted assaults on important Gulf refineries and liquefied natural gas (LNG) infrastructure.
The 182-million-barrel IEA reaction during the 2022 Russia-Ukraine crisis pales in comparison to the scope of this suggested intervention. Although past release rates have often been limited to around 2 million barrels per day (b/d), the sheer volume of this "strategic bandage" aims to offset a large supply lack. With almost 20 million b/d of worldwide supply estimated to have been sidelined by the disturbances in the Hormuz area, analysts warn that this would exhaust current pre-war surpluses and drive the global economy into a prolonged energy crisis.
Swift and erratic market response to the news follows. Brent crude prices surged to USD 120 per barrel at the start of the conflict, then reports of the large SPR release caused a sharp 11-13% drop that included a single-session USD 13 decline. Traders are wary despite this short relief as they consider the temporary inflow of 400 million barrels against the ongoing "wound" of a 20-million-bd supply loss. Experts caution that without a solution to the maritime blockade, even this unprecedented release might only provide temporary stability before the market returns to a structural deficit.
