World’s Emergency Oil Stockpiles Deployed as Iran Conflict Enters Critical Phase

Governments around the world have deployed their emergency oil stockpiles in an unprecedented coordinated release, signaling the seriousness with which policymakers view the supply crisis triggered by the conflict in the Middle East. The International Energy Agency’s 32 member nations collectively released 400 million barrels of crude — the largest action of its kind in history — as Brent crude climbed back toward $100 a barrel on Thursday. The deployment of stockpiles built up over decades for exactly such emergencies underscores the gravity of the situation.
Iran continued its campaign against Gulf energy infrastructure Thursday, striking merchant ships, fuel tanks, oil tankers, and export terminals across Bahrain, Iraq, Oman, and the Strait of Hormuz. The Thai vessel Mayuree Naree was hit near the strait, with three crew members believed trapped. Iraq shut all crude oil ports, Bahrain issued shelter-in-place orders, and Oman cleared its Mina Al Fahal terminal.
Brent gained 9% Thursday to touch $100.29 before settling at $98, still up 6%. West Texas Intermediate climbed 8.6% to $94.75. Oil has surged from $60 at the year’s start to a peak of $119 this week. The Strait of Hormuz has been closed since February 28, blocking a fifth of global seaborne energy flows.
The United States released 172 million barrels from its Strategic Petroleum Reserve as part of the broader IEA action. Energy Secretary Wright said deliveries would begin within a week and take approximately four months. Iran warned of $200 oil in response, framing the release as evidence of US vulnerability.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned of stagflation risks. Asian markets fell and European gas rose 7.7%.