08:57 AM EDT, 03/11/2026 (MT Newswires) -- Oil rose early on Wednesday following a day-prior plunge amid doubts that shipping through the Strait of Hormuz will soon any time resume, even as reports say the International Energy Agency (IEA) is recommending the largest-ever release of strategic supplies from its members.

West Texas Intermediate crude oil for April delivery was last seen up $3.54 per barrel to US$86.99 per barrel after dropping 12% a day earlier. May Brent oil was up $3.97 to US$91.77.

The rise in the oil price comes as reports on Tuesday say Iran is laying mines in the Strait of Hormuz, the choke point for 20% of daily oil demand, while Monday statements from U.S. President Trump promising the war will soon end are now being discounted as Iran continues attacks on tankers and with strikes against its Persian Gulf neighbors, while it continues to weather attacks on its military infrastructure.

"By the look of it, Iran is digging in for a long and drawn-out war. The naming of executed Ayatollah Ali Khamenei's son, Mojtaba, by the top clerics of Iran to be the new Supreme Leader is a vote for continuity in the hardline theocrats and thumbs a nose at the US desire for regime change...After the initial shock and awe, sadly, everything falling from the skies becomes everyday and the surprise is lost. This is why the US President has mentioned 'boots on the ground', a frightening, but probably hollow proposition," PVM Oil Associates noted.

The Wall Street Journal reported the IEA is recommending its members release up to 400-million barrels of supply from their strategic reserves to curb prices that briefly rose above US$100 per barrel on Monday. Its members are expected to decide on the agency's recommendation today, but the measure is failing to offset market worries over the war's supply disruption.

"Doesn't look like the oil market thinks that "largest ever" release of strategic reserves will help much against current crisis," Bjarne Schieldrop, chief analyst, commodities, at SEB Research wrote.