US Lobbies IEA for Oil Release Amid Iran Strike Plans

The United States is lobbying member nations of the International Energy Agency (IEA) in Paris to commit to an additional release of at least 100 million barrels of emergency oil inventories. U.S. officials argue that current measures are insufficient to curb record fuel prices driven by conflicts in Russia and the Middle East. This request follows a 400 million barrel release in March and a Group of Seven agreement to release up to 100 million barrels, though European Union officials contend the latter only covers previously unreleased portions of the March deal.

The push for more supply comes as the IEA warns that escalating attacks on tanker traffic and energy infrastructure in the Middle East threaten regional oil export recoveries. Brent crude futures have risen 13 percent since September to approximately $107 per barrel, while North Sea Dated crude surged 43 percent to $134 per barrel. The IEA forecasts a decline in global oil demand for the fourth quarter of 2026, with diesel demand expected to drop by 25 percent due to high prices and limited availability.

In response to the crisis, President Donald Trump has considered banning U.S. diesel exports and pursuing a supply deal with Russian leader Vladimir Putin. Simultaneously, the United States Department of Defense has developed military plans to target Iranian nuclear sites and energy infrastructure, potentially using the 'mother of all bombs,' as Trump considers resuming attacks on Iran before the midterm elections.