Europe Approves Historic 400M Barrel Oil Reserve Release

European countries have prepared to approve the largest coordinated release of strategic oil reserves in International Energy Agency history, with 400 million barrels set to be released to combat soaring energy costs amid Middle East tensions and Iran's strikes on energy infrastructure. The unprecedented move, backed by France, Italy, Germany, the U.K., and other IEA members, comes as crude oil prices exceeded $100 per barrel following supply disruptions in the Strait of Hormuz. However, energy