The International Energy Agency (IEA) has agreed today to release the largest volume of emergency oil reserves in its history amid escalating tensions in the West Asia. According to media reports, the Paris-based agency will make 400 million barrels available from members’ strategic reserves.

IEA member nations currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government obligation.

The decision follows a sharp deterioration in the regional security situation after Iran, responding to US and Israeli strikes, attacked commercial shipping across the Persian Gulf and effectively halted cargo movement through the Strait of Hormuz. Germany and Austria confirmed they would release parts of their strategic reserves following the IEA’s request, while Japan said it would start drawing down some stocks from next week.