Oil futures added to gains after the IEA said it will release a record amount of oil from strategic reserves.

The International Energy Agency is proposing a release of emergency oil reserves that would be the largest-ever in its history, with a decision possible later on Wednesday, according to a person familiar with the matter.

Taylor Riggs, FOX Business host, discusses the volatility of oil prices, the International Energy Agency's proposal for a historic oil reserve release and the impact of the Strait of Hormuz on global supply.

The International Energy Agency on Wednesday agreed to release 400 million barrels of oil, the ​largest such move in its history, to try to rein in crude prices which have soared due to supply shocks from ‌the U.

The largest-ever release of oil from the International Energy Agency’s emergency stockpiles was expected to send oil prices lower on Wednesday. Instead, prices continued to rise.

The largest cryptocurrency gained 7% from Monday's lows as energy price fears eased, with Asian equities rising 1.8% and Brent crude dropping below $90 for the first time since the war began.

Member states of the International Energy Agency (IEA) were set to meet on Tuesday for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war

Previously, the IEA’s 32 member countries released 182.7 million barrels in 2022 after the Russian invasion of Ukraine.