European countries to release oil reserves as Mideast conflict rattles energy markets
2026-03-13 09:57:10 source：CGTN
March 12, 2026
A group of European countries have announced plans to release emergency oil stocks after the International Energy Agency (IEA) recommended a record drawdown from reserves to help calm surging energy prices amid escalating tensions in the Middle East.
IEA Executive Director Fatih Birol said on Wednesday that the agency's 32 member countries had unanimously agreed to make 400 million barrels of oil available to the market from their emergency reserves. The move aims to address disruptions in global oil markets caused by the conflict in the Middle East, particularly the effective closure of the Strait of Hormuz, a critical global shipping route for energy and food supplies.
On February 28, Israel and the United States launched joint strikes on Tehran and several other Iranian cities. Iran responded with waves of missile and drone attacks targeting Israeli and US assets in the Middle East.
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