The International Energy Agency (IEA) has agreed to release 400 million barrels of oil to address the supply disruption caused by the Iran war. This is the largest such action in the IEA's history. The emergency stocks will be made available to the market over a timeframe appropriate to the circumstances of its 32 member countries. However, energy analysts warned that even the maximum drawdown capability would not be able to offset the nearly 20 million barrels per day that typically transits through the Strait of Hormuz. Earlier, Japanese Prime Minister Sanae Takaichi announced plans to release oil stockpiles from its national reserves as early as next week due to an "exceptionally high level of dependence" on the Middle East.