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Countries agree to record release of emergency oil reserves as prices surge

The G7 group of nations welcomes the idea of releasing oil in response to the surge in prices since the US-Israel war with Iran began

March 11, 2026

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Record 400 million barrels of oil to be released from reserves to stall price hike

Topic:Unrest, Conflict and War Thai cargo ship Mayuree Naree was struck and set ablaze in the Strait of Hormuz, seen in an image released by the Royal Thai Navy. (AP) The International Energy Agency

abc.net.au•March 12, 2026
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