The IEA Will Accelerate the Release of Oil Stocks and Prioritize Diesel: ‘As Soon As Possible’

The International Energy Agency (IEA) will speed up the release of oil stocks and prioritize diesel as the flow of fuel remains disrupted as a result of wars in Ukraine and the Middle East.

The agency said in a statement that so far "approximately 325 million barrels of oil have been released under the March 2026 Collective Action, with some countries having released greater volumes than they initially pledged."

It added that 100 million more barrels are set to be released. And noted that IEA Member governments "still have significant levels of publicly held emergency oil stocks – equivalent to around 1.1 billion barrels, including over 200 million barrels of diesel."

"The IEA stands ready to release more of these stocks to the market if and when required," the document noted.

The decision comes as prices are soaring again following reports that the Trump administration is considering relaunching strikes against Iran even before the November midterms.

President Donald Trump and his national security team discussed resuming the campaign against Tehran in the coming weeks, according to NBC News. Axios also detailed that the Pentagon instructed the U.S. Central Command (CENTCOM) to conclude preparations to that end.

The outlet went on to cite sources familiar with the matter, who said that if the campaign resumes it will include large bombings of Iranian energy infrastructure and nuclear targets.

A White House official reacted to the report saying that the U.S. "is in a very strong position with control of the Strait of Hormuz and the Iranian economy collapsing."

"Iran has been decimated, and things will go one of two ways: the easy way or the hard way," the official added.

Trump, on his end, said at a campaign rally in Texas on Wednesday that Tehran is in the brink of collapse. "I think the deal isn't really something that I want to do, but they're willing to offer us anything to stop," Trump claimed.

Oil production has largely recovered to pre level wars, but transit continues to be disrupted. Attacks against tankers in the Strait of Hormuz reached a record for the U.S.-Iran war last week, new data showed.

The Joint Maritime Information Center (JMIC) said in a note that the figure reached 12 in the week that ended on October 5, the highest figure since the war began in late February.

"These actions continue to demonstrate Iran's ⁠intent to assert presence along key transit lanes and maintain pressure ​on transiting vessels," it added.

A recent report claimed that some sailors are being offered as much as $25,000 for individual trips through the Strait of Hormuz as oil producers try to keep crude moving out of the Persian Gulf despite continuing attacks on commercial shipping.

The Wall Street Journal detailed that a ship staffing company in China's Shandong province was offering up to $25,000 for a round trip. The payments can amount to two or three times a sailor's normal monthly salary, with workers from India, the Philippines and China among those being recruited for the voyages.