Canada and dozens of other countries have agreed to release 400 million barrels of oil from their strategic reserves as Iran’s war threatens global supplies.
The International Energy Agency (IEA), which consists of Canada and 31 other member countries, made the announcement in a release on Wednesday after saying that the meeting was held “to assess market conditions amid conflict in the Middle East and consider options to address supply disruptions.”
The IEA said this was the sixth time a coordinated stock release had been carried out since the organization was founded in 1974.
“The oil market challenges we face are of an unprecedented scale, which is why I am very pleased that IEA Member States have responded with emergency collective action on an unprecedented scale,” said IEA Executive Director Fatih Birol in the release.
“Oil markets are global so responses to major disruptions must also be global. Energy security is a core mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together.”
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Iran has blocked the Strait of Hormuz shipping lanes by threatening any ships that try to pass through the narrow channel that separates the Persian Gulf from global shipping lanes. About 20 to 25 percent of the world’s oil supply depends on the strait being open to shipping traffic.
According to the IEA, its members have emergency reserves of more than 1.2 billion barrels of oil, with an additional 600 million in industrial reserves that are government obligations.
“The conflict in the Middle East that began on February 28 2026 has hampered the flow of oil through the Strait of Hormuz, with export volumes of crude oil and refined products currently less than 10 percent of pre-conflict levels,” the IEA said in a release.
“This forced operators across the region to close or limit large amounts of production.”
Earlier on Wednesday, Iran’s military spokesman warned that global oil prices could reach US$200 per barrel if the conflict continues.
Oil prices hit nearly $120 a barrel on Monday, before dropping slightly. At the time of publication, the price was just under $90, and up from around $64 in the days before the conflict began.
On Monday, Finance Minister François-Philippe Champagne told reporters there would be “further consultations” before taking action to calm oil market concerns, including releasing strategic oil reserves.
“It’s very volatile,” he said. “I mean, what we’re all making sure of is that there will be enough stock, of course, to meet demand.”
The IEA statement said it would “continue to closely monitor global oil and gas markets” and provide further recommendations to governments within its organization if necessary.
© 2026 Global News, a division of Corus Entertainment Inc.
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