Marathon Petroleum Corp ( MPC ) shares are trading higher on Wednesday after the International Energy Agency announced that its 32 member countries will make 400 million barrels of emergency oil reserves available to the market.

Marathon Petroleum ( MPC ) stock is surging to new heights today. What’s behind MPC gains?

IEA Launches Emergency Oil Release

The IEA approved a historic release of 400 million barrels from emergency reserves — the largest coordinated action in the agency's history. The move is aimed at countering supply disruptions tied to the near‑shutdown of the Strait of Hormuz, a vital shipping corridor that handles roughly 20% of global oil flows.

Reporting from The Wall Street Journal stated that the IEA had been circulating a proposal for a record‑setting crude release. If fully deployed, the volume would surpass the 182 million barrels released in 2022 after Russia's invasion of Ukraine.

IEA members collectively hold around 1.2 billion barrels of public emergency reserves and another 600 million barrels in commercial inventories.

Member nations discussed the plan during an emergency meeting Tuesday and moved forward with it on Wednesday.

Supply Disruptions Persist Despite The Reserve Release

Three more cargo vessels were struck by Iran in the Strait of Hormuz overnight, extending a campaign that has now targeted more than a dozen ships. These attacks are severely disrupting the flow of refined fuels — diesel, gasoline, jet fuel — as tankers struggle to safely navigate the chokepoint.

Economists warn that persistently high energy prices could feed inflation and pressure consumers, potentially adding volatility to global markets.

Geopolitical Uncertainty Remains High

President Donald Trump said Monday that the war with Iran is "pretty much" over and could end soon, arguing that Tehran's military capabilities have been severely weakened. Iran's Islamic Revolutionary Guard Corps rejected that characterization, saying it — not Washington — will determine when the conflict ends.

Meanwhile, the Kremlin said Vladimir Putin proposed several options to help mediate the conflict during a call with Trump, with spokesman Dmitry Peskov noting the proposals remain on the table.

MPC Price Action: Marathon Petroleum ( MPC ) shares were up 4.68% at $225.30 at the time of publication on Wednesday. The stock is trading near its 52-week high of $228.55, according to Benzinga Pro.

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