International Energy Agency member countries said today they have committed to releasing 400 million barrels of oil to help ease disruptions to oil trade caused by the war with Iran, CNN reports.

The United States has committed to providing 172 million barrels in addition to other reserves from the agency's 31 member countries. These reserves will be released by the end of March, alongside 107.5 million barrels promised from Europe in combined government and industry stocks. Asia-Pacific member countries will release their reserves immediately, according to the agency.

"IEA countries will provide 400 million barrels of oil to the market... to compensate for the loss of supplies due to the effective closure of the Strait of Hormuz," IEA Executive Director Fatih Birol said Wednesday.

This collective action is the largest such emergency release in history. According to the agency, only five collective actions have been undertaken in the past, two of which were taken in 2022 when oil prices spiked sharply due to the war in Ukraine.