The Iran war has triggered the biggest oil disruption in history, as tankers are unwilling to transit the Strait of Hormuz because they fear attacks.

The IEA's members are advanced economies in North America, Europe and Northeast Asia. They collectively hold about 1.2 billion barrels of oil in reserve.

The Iran war has triggered the biggest oil disruption in history, as tankers are unwilling to transit the Strait of Hormuz because they fear attacks.

The IEA's 400-million-barrel emergency release, more than double its Ukraine response, comes as Iran cut Strait of Hormuz exports to less than 10%.

The move comes as the Iran war continues to choke off traffic through the strategically vital Strait of Hormuz.

The International Energy Agency announced it has agreed to take emergency action and release 400 million barrels of oil into the market.

The IEA is group of 32 advanced economies primarily in Europe, North America and northeast Asia. The U.S. is a member of the organization.

Oil prices have surged more than 17% since the International Energy Agency announced the largest release of crude stockpiles in its 50-year history.