US-Israel, Iran conflict: IEA to release 400 mn barrels of oil as Middle East war rattles global energy market

The International Energy Agency (IEA) on Wednesday (local time) announced that it will release 400 million barrels of oil from its emergency stockpile available to the market to address disruptions in the global energy markets stemming from the war in the Middle East.

The 32-member organisation said the decision to take this emergency action was made after an extraordinary meeting was held recently. The meeting, which was convened by the IEA Executive Director Fatih Birol, was to assess market conditions amid the ongoing conflict in the Middle East and consider the available options to address the supply disruption concerns.

This is a breaking story. More details awaited.