Brent Crude Oil Falls Below $90 Amid IEA's Proposed Record Reserve Release

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Brent Oil Dips Below $90 as IEA Proposes Record Reserve Release

Iran-US war disrupts the supply of crude oil and gas as tankers passing through the Strait of Hormuz have almost frozen

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News18•11-03-2026, 09:19

Brent Oil Dips Below $90 as IEA Proposes Record Reserve Release

•Brent crude oil fell to $87 per barrel after the IEA proposed its largest-ever oil reserve release.
•Prices had recently hit over $120 but were around $70 before the Iran-US war began.
•The proposed release is expected to exceed 182 million barrels, surpassing the 2022 release during the Russia-Ukraine war.
•The IEA, formed in 1974, ensures global energy security and coordinates emergency oil stockpiles for its 33 member countries.
•IEA coordinates collective releases during supply disruptions, with past examples including the 1991 Gulf War and 2022 Russia-Ukraine war.

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