Oil Prices Climb Despite Potential Record Release of Strategic Reserves

Story: written by Amarach 11,2026
Global oil prices resumed their upward trend on Wednesday, even as reports emerged that the International Energy Agency (IEA) may authorize the largest-ever release of emergency crude reserves.

By early trading, Brent crude futures rose 0.7% to $88.39 per barrel, while U.S. WTI crude gained 1.3%, reaching $84.55 per barrel. The rally comes amid heightened market uncertainty caused by the ongoing U.S.–Iran conflict, which has disrupted energy production in the Middle East and partially blocked the Strait of Hormuz, a key route for global oil shipments.

The IEA is reportedly considering releasing more emergency stocks than the 182 million barrels distributed after Russia’s invasion of Ukraine in 2022. Member states are expected to decide on the measure soon. The agency notes that combined public and industry emergency reserves currently exceed 1.8 billion barrels.

IEA Executive Director Fatih Birol warned that recent conditions, including production cuts and transit difficulties, have created “significant and growing risks” for global oil markets.

Analysts say that while a release of emergency reserves may provide temporary relief, the ultimate driver of oil prices remains the duration and escalation of the U.S.-Iran conflict. Sasha Foss, an energy market analyst, cautioned that if the Strait of Hormuz remains closed, oil could surge above $100 per barrel.

Other experts also note that even if tensions ease in the coming weeks, oil prices are unlikely to return to the $60–$70 range seen earlier in 2026. Prolonged disruption could push crude above $120 per barrel until higher prices reduce demand.