%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The International Energy Agency (IEA) has agreed to make 400 million barrels of oil available from its members' emergency reserves as crude prices continue to rise. The new release from the strategic oil reserves is more than double the 182.7 million barrels that the IEA's 32-member countries issued in 2022 when Russia invaded Ukraine. The latest release from crude oil reserves is an effort to counter the effects of the Iran war on energy markets, which have been thrown into turmoil as crude prices reach $100 U.S. a barrel. It also comes as Iran attacks commercial ships in the Strait of Hormuz, which connects the Middle East and Asia, and where 20% of the world's oil supply travels. According to the IEA, export volumes of crude oil and refined products are currently at less than 10% of prewar levels. The IEA reserves were established in 1974 following the Arab oil embargo, and IEA member countries currently hold more than 1.2 billion barrels of emergency oil stocks. Member countries of the IEA such as Germany, Austria, Canada, and Japan have said that they will release parts of their oil reserves in response to the request for 400 million barrels. IEA nations have released emergency oil reserves on five previous occasions: During the 1990-1991 Gulf War, after Hurricane Katrina in 2005, during the Libyan civil war in 2011, and twice after Russia attacked Ukraine. Brent crude oil, the international benchmark, is currently trading at $99.49 U.S. per barrel.