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GLOBAL crude oil prices fell early Wednesday following a report that the International Energy Agency (IEA) has proposed the largest-ever release from strategic petroleum reserves in a bid to curb prices amid the ongoing conflict in Iran.
At around 0040 GMT, Brent crude dropped 0.84 per cent to US$87.06 per barrel, while West Texas Intermediate (WTI) fell 1.02 per cent to US$82.60 per barrel. Officials cited by the Wall Street Journal said a decision on the proposed reserve release by member nations is expected later in the day.
Earlier, in Asian trading, WTI had surged more than five per cent after U.S. President Donald Trump intensified his threats regarding the strategic Strait of Hormuz, a crucial shipping route that Iran has effectively blocked.
AFP reported on Wednesday that the decline in crude prices comes as global investors anticipate that the unprecedented reserve release could ease the supply squeeze and dampen inflationary pressures caused by the war.
Meanwhile, regional stock markets responded positively, with Tokyo’s Nikkei index climbing approximately two per cent and South Korea’s Kospi rising around 2.5 per cent, reflecting investor optimism that global energy disruptions may soon ease.
Analysts note that the proposed IEA action represents a historic intervention, signalling unprecedented coordination among major oil-consuming nations to stabilise markets amid geopolitical turmoil. - March 11, 2026
