Oil Prices Global Oil Market IEA Reserves Brent Crude Energy News — Oil pump jacks work in a field as global oil prices move lower after reports of a possible reserve release.

Oil Prices Drop After Report of Possible IEA Reserve Release

Oil markets react to possible reserve release as global tensions and Strait of Hormuz risks keep traders alert.

By Fahad On Mar 11, 2026

International Energy Agency – (Web Desk) – Oil prices moved lower on Wednesday after a report said the International Energy Agency may release a large amount of oil from its reserves. The move is being considered to help control rising prices after tensions linked to the Iran–Israel war pushed markets higher.

Around 0040 GMT, Brent Crude fell 0.84 percent to $87.06 per barrel. At the same time, West Texas Intermediate dropped 1.02 percent and traded at $82.60. Investors are watching closely as global energy markets react to the latest developments.

Countries were expected to decide the proposed release later Wednesday, the Wall Street Journal reported, citing unnamed officials.

Earlier in Asian trade WTI had soared more than five percent as US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz, which Iran has effectively closed.

Pentagon signals more strikes while Iran vows resistance.

Equities meanwhile rose in Asian trade, with the Nikkei in Tokyo adding around two percent and the Kospi in South Korea up roughly 2.5 percent.