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The U.S. currently has 415 million barrels of oil in its strategic reserve, about 58% of the authorized capacity of 714 million barrels.
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The IEA said Wednesday that its 32 member countries would release 400 million barrels of oil from emergency reserves.
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It comes as Iranian attacks on ships intensify in the crucial Strait of Hormuz waterway.
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Pressure has intensified on the strait, one of the world's most important shipping lanes, since Israel and the US attacked Iran late last month.
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The IEA agreed Wednesday to release a record 400 million barrels of oil, and the U.S. would tap 172 million barrels from its Strategic Petroleum Reserve.
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The move aims to prevent prices from rising further because of the war in the Middle East.
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The International Energy Agency announced that it would carry out its largest-ever release of oil reserves — 400 million barrels.
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The move comes as the Iran war continues to choke off traffic through the strategically vital Strait of Hormuz.
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The 32-nation group will release 400 million barrels of oil from its reserve.
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Oil prices moved higher on Wednesday as markets continue to watch developments in the U.S.-Iran war.
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