Oil falls on report of IEA proposing biggest oil release ever

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Trump signals war end, but strategist warns risks far from over TACO? Wolfe says Trump is ’eyeing the exits even sooner than we anticipated’ Wall Street closes marginally lower amid uncertainty over Iran conflict end Gold prices rise, helped by a softer dollar and sliding oil prices (South Africa Philippines Nigeria) Oil falls on report of IEA proposing biggest oil release ever By Commodities Published 03/10/2026, 07:28 PM Updated 03/11/2026, 01:06 AM Oil falls on report of IEA proposing biggest oil release ever 0 LCO -0.93% CL -0.35% By Katya Golubkova and Trixie Yap March 11 - Oil prices fell further on Wednesday, as reports of the International Energy Agency proposing the largest release of oil reserves in its history due to potential supply disruptions from the U.S.-Israeli conflict with Iran dragged on sentiment. Brent futures traded down 88 cents, or 1%, at $86.92 a barrel by 0451 GMT. U.S. West Texas Intermediate traded 35 cents lower, or 0.4%, at $83.1 a barrel. U.S. crude prices leapt 5% at the market open after both contracts plunged more than 11% on Tuesday, the steepest percentage drop since 2022, a day after Trump predicted a quick end to the war. On Monday, WTI surged to more than $119 a barrel, its highest since June 2022. The IEA’s proposed drawdown would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the WSJ said, citing officials familiar with the matter. A stockpile release of that size would offset 12 days of the investment bank’s estimated 15.4 million barrel-per-day Gulf exports disruption, Goldman Sachs analysts said in a note. The U.S. and Israel pounded Iran on Tuesday with what the Pentagon and Iranians on the ground called the most intense airstrikes of the war. The U.S. military also "eliminated" 16 Iranian mine-laying vessels near the Strait of Hormuz on Tuesday, t...