Oil prices remained volatile early on Wednesday despite a report of a historic release of emergency reserves from the International Energy Agency (IE). The IEA has proposed the largest ever release of oil from its strategic reserves, exceeding the 182 million barrels its member states put on the market following Russia's invasion of Ukraine in 2022. Countries are set to decide on Wednesday whether to release these emergency oil stocks. The conflict between the U.S. and Iran has disrupted energy production in the Middle East and led to a blockade in the Strait of Hormuz, a critical shipping route. However, market watchers have warned that a protracted conflict between these countries could push oil above the $100 threshold.