IEA Proposes Record Release of Oil Reserves

March 11, 2026

AI Summary

5 min read

On Wednesday, March 11th, the International Energy Agency proposed its largest-ever coordinated release of oil reserves—400 million barrels—to address the near-complete closure of the Strait of Hormuz following Iranian attacks. The episode also covers how top hedge funds lost billions on misplaced macroeconomic bets, Oracle’s AI-driven earnings beat, and a lighter look at President Trump’s habit of gifting Florsheim shoes to staff.

The IEA’s Record Reserve Release Proposal

The central development of the day is the IEA’s proposal to release 400 million barrels of oil from the strategic reserves of its 32 member countries. This would be the largest coordinated release in the agency’s history—more than double the amount it released in 2022 after Russia’s full-scale invasion of Ukraine. The proposal is a direct response to the near-complete closure of the Strait of Hormuz due to Iranian attacks, which the IEA was designed to address as a catastrophic event on the oil market.

The plan came together quickly because IEA member countries were not involved in the planning of the U.S.-Israeli operation and had to scramble to formulate a response. The largest share of the release would come from the United States and its Strategic Petroleum Reserve, accounting for close to half of the total. Japan, as another major consumer, would also contribute significantly.

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What you'll learn

1 (00:32) **IEA Proposes Record 400 Million Barrel Oil Reserve Release** - The International Energy Agency proposes its largest-ever coordinated release of strategic oil reserves to address the near-complete closure of the Strait of Hormuz.
2 (03:18) **Market Impact of a Potential 400 Million Barrel Release** - Analysis of what a release of this magnitude would mean for oil markets and supply.
3 (04:45) **Strait of Hormuz Remains Paralyzed Amid Escalation** - The most important factor for oil prices is whether the Strait of Hormuz is open, and it remains paralyzed.
4 (07:43) **Hedge Funds Suffer Billions in Losses from Conflict** - Major hedge funds like Citadel, 72, and Millennium lost a billion or more each last week due to a sudden spike in bond yields.
5 (09:18) **United Airlines Reports Record Booking Day; Boeing Faces Delivery Delays** - United Airlines had its highest revenue booking day ever, while Boeing flagged delivery delays for 737 Max jets due to scratched wiring.
6 (09:56) **Oracle Shares Rally on AI-Driven Cloud Growth** - Oracle shares rose over 7% in off-hours trading after posting higher quarterly revenue and raising its sales outlook.
7 (10:14) **Georgia Special Election Heads to Runoff** - Democrat Sean Harris and Republican Clay Fuller advance to a runoff to fill Marjorie Taylor Greene's vacated House seat.

+ Full timestamped outline available in the app

Guests on this episode

Rebecca Fung Caitlin McCabe

Show Notes

A.M. Edition for Mar. 11. The International Energy Agency is considering releasing 400 million barrels of oil into the market to counter the surge in crude prices from the U.S.-Israel war with Iran. WSJ reporters Matt Dalton and Rebecca Feng explain why the strategic release would be unprecedented and how it could drive oil prices up, instead of down. Plus, we look at how some of the biggest hedge funds got caught off guard by the war. And WSJ’s Alex Leary has the scoop on why Trump is obsessed with these $145 shoes. Luke Vargas hosts.

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