The International Energy Agency (IE) is proposing a joint release of up to 400 million barrels of oil from strategic stockpiles following the Iran war, which led to a spike in crude prices. This would be the largest joint release in the history of the IEA, which coordinates members' emergency responses to oil shocks. This is the most aggressive energy policy response yet to the conflict, particularly in the Middle East where transit through the Strait of Hormuz off Iran remains largely frozen. The decision to release the oil from the reserve is crucial to determine whether it will include any from the U.S.