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%.

A near 14% jump in oil prices due to the Iran war triggered an emergency meeting of the G7 with plans to release strategic reserves top of the agenda.

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.