GoKawiil1. Barrel roll-out
Pumpjacks operate while others stand idle in the Belridge oil field on March 10, 2026 near McKittrick, California. Mario Tama | Getty Images
The member states of the International Energy Agency yesterday agreed to release 400 million barrels of oil from its reserves, the largest release from the agency's emergency stockpile ever. The move did little to help oil prices, though: Crude prices rose about 5% overnight, with Brent crude briefly hitting the $100 per barrel mark. Here's what to know: The IEA did not provide a timeline for the reserves release, which agency chief Fatih Birol said is aimed at addressing the immediate effects of supply disruptions amid the Iran war.
President Donald Trump said later on Wednesday that the U.S. would tap its Strategic Petroleum Reserve in an effort to lower energy costs.
The U.S. will release 172 million barrels from its stockpile, according to Energy Secretary Chris Wright, who said it would take about 120 days to deliver them all.
But with the Strait of Hormuz still disrupted — three more ships were attacked in the Persian Gulf overnight — the announced IEA and U.S. releases failed to quell investor concerns and lower oil prices.
The U.S. is hoping to get tanker traffic in the Strait moving again by providing insurance to ships transiting the passage. The U.S. International Development Finance Corporation said yesterday that insurance giant Chubb will be the lead underwriter for the $20 billion program.
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2. Sticky and stale
People shop at a grocery store in Manhattan on Feb. 27, 2026 in New York City. Spencer Platt | Getty Images
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