(NEW YORK) -- The International Energy Agency on Wednesday said it would release 400 million barrels of oil from its strategic reserve, marking the largest oil release in the group's history as the global economy grapples with fallout from the U.S.-Israeli war with Iran.
Oil prices soared after the outbreak of war as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
Before the war, roughly 20 million barrels of oil passed through the strait each day, but tanker traffic has now "all but stopped," Faithe Birol, executive director of the IEA, said at a press conference on Wednesday.
"The conflict in the Middle East is having significant impacts on global oil and gas markets with major implications for energy security, energy affordability and the global economy," added Birol, whose organization counts 32 member nations, including the U.S.
The release from the IEA's oil reserve on Wednesday would make up for the lost oil flow for roughly 20 days. Taken together, IEA member countries retained about 1.2 billion barrels of reserve oil prior to the latest release, the group previously said.
This is a developing story. Please check back for updates.
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