IEA Eyes Record Oil Reserve Release: What Does This Mean for Big Oil Stocks?

FomoAnxiety

2026-03-11 12:12:28

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The International Energy Agency (IEA) has proposed making the largest-ever release of emergency oil reserves to contain price surges amid the ongoing U.S.-Israel-Iran war. This could squeeze near-term refining and upstream margins for Big Oil companies, even as war-driven supply disruptions have attracted strong valuation predictions for top producers.

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According to reports, the IEA’s recommendation to release between 300 million and 400 million barrels of crude oil could land later on Wednesday. It comes as G7 countries have been mulling a stockpile release to manage soaring prices as a result of the effective closure of supply through the strategic Strait of Hormuz.

Despite the reports, global crude oil futures benchmark Brent (BZ) continues to climb on Wednesday, up more than 4% to $90.68 as of 7:32 a.m. EST. Crude futures tracked on West Texas Intermediate (CL), the primary pricing benchmark for U.S. light oil, rose by about the same measure to $86.68. Both earlier in the week approached $200 per barrel following escalation in the Middle East conflict before pulling back after President Donald Trump predicted a quick end to the war.

Meanwhile, shares of American super oil majors Exxon Mobil XOM -1.54% ▼ , Chevron CVX -1.66% ▼ , and ConocoPhillips COP -2.46% ▼ traded marginally higher during Wednesday’s pre-market session.

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