IEA Releases Record 400M Barrels; US Contributes 172M From SPR — Oil Still Above $100

The International Energy Agency warned that the Iran conflict is causing the 'largest supply disruption in the history of the global oil market.' IEA member states agreed to release 400 million barrels of oil — the largest emergency release in history. The US authorized release of 172 million barrels from the Strategic Petroleum Reserve (about 40% of the total), to be released gradually over approximately four months. IEA Executive Director Fatih Birol said the goal is to keep supply flowing as conflict disrupts shipping and energy infrastructure. Despite the announcement, Brent crude spiked past $100/bbl overnight after Mojtaba Khamenei vowed Hormuz would remain closed. Analysts warned stockpile releases can only partially offset prolonged disruption: the strait normally carries ~20M bbl/day (20% of global consumption).