06:09 AM EDT, 03/11/2026 (MT Newswires) -- (Updates with details from Bloomberg.)

The International Energy Agency has proposed to release substantial oil reserves following an emergency meeting Tuesday to help lower prices that have surged amid the US-Israel war with Iran, news outlets reported, citing unnamed sources.

The planned release would surpass the 182 million barrels that the agency put on the market in two releases in 2022 after Russia invaded Ukraine, The Wall Street Journal reported Tuesday, citing officials familiar with the matter.

The IEA has suggested a release between 300 million barrels and 400 million barrels, Bloomberg News reported Wednesday, citing a person familiar with the matter, adding that a decision is likely later in the day.

The proposal could be delayed even if a member of the IEA objects to it, according to the WSJ report.

West Texas Intermediate crude oil was up 4.5% at $87.25 a barrel early Wednesday. On Monday, WTI crude futures traded just below $120 per barrel during the session.

The IEA didn't immediately respond to MT Newswires' request for comment.