IEA due to meet as member states mull releasing oil reserves amid Iran war | US-Israel war on Iran News
International Energy Agency to Hold Emergency Meeting Amid Middle East Conflict
By Al Jazeera Staff
Published March 10, 2026
The International Energy Agency (IEA) is convening an emergency meeting to address ongoing disruptions in the energy market resulting from the escalating conflict between the United States and Israel against Iran. IEA Executive Director Fatih Birol announced that representatives from member states will gather on Tuesday to evaluate “the current security of supply and market conditions.”
Birol emphasized the need for this meeting to determine whether emergency oil reserves from member countries should be released to stabilize the market. “I have convened an extraordinary meeting of IEA member governments today to assess the current security of supply and market conditions,” Birol stated.
Oil prices recently surged to their highest levels since mid-2022, driven by concerns over prolonged shipping disruptions and decreased output from key oil-producing nations affected by Iranian strikes. While prices receded below $90 a barrel by Monday evening, uncertainty looms regarding the duration of the conflict and its implications for oil markets.
The Strait of Hormuz, a vital maritime route for about 20% of the world’s oil supply, has seen significant disruptions as a result of the conflict. Analysts have warned that a prolonged conflict could have far-reaching consequences not only for energy prices but also for global economic stability.
“Everyone is willing to take measures to stabilize the market, including the United States,” French Finance Minister Roland Lescure said after recent discussions among Group of Seven (G7) energy ministers. The G7 stopped short of committing to a release of strategic oil reserves on Tuesday, instead requesting the IEA to make an assessment before any actions are taken.
Birol’s upcoming presentation will include a detailed analysis of the pros and cons of releasing oil stocks, according to European Union Energy Commissioner Dan Jorgensen. In addition, EU leaders are expected to address energy competitiveness in a scheduled call later in the day, reflecting rising concerns about market stability reminiscent of the energy crisis experienced in 2022.
The IEA’s meeting and the discussions among G7 nations signal a heightened focus on energy security as the international community navigates the complexities surrounding the ongoing conflict in the Middle East.
