Donald Trump’s options to cool oil prices are sorely limited

GateUser-9ad11037 · 2026-03-16T07:41:49+00:00

On March 11th, the International Energy Agency agreed to release 400 million barrels of crude from emergency reserves, marking its largest coordinated effort. However, oil markets remained volatile, with Brent crude prices rising nearly 10% despite the announcement.

GateUser-9ad11037

2026-03-16 07:41:49

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ON MARCH 11TH the 32 members of the International Energy Agency (IEA), a club of large oil-consuming countries, agreed to sell 400m barrels of crude from their emergency reserves. The release, equivalent to one-third of the group’s combined strategic stash, is the biggest ever co-ordinated by the IEA, which was founded in 1974 after the first Arab oil embargo. Its historical significance failed to impress oil markets, which have been shaken by the Middle Eastern crisis provoked by America and Israel’s war on Iran. Brent crude, the global benchmark, rose by nearly 10% in the day after the IEA’s announcement, back to $100 or so a barrel (see chart 1).

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