The International Energy Agency (IEA) agreed to release 400 million barrels from its strategic oil reserves, the largest amount to date, as governments seek to contain the surge in energy prices triggered by the war in the Middle East

The war in Iran is currently cutting about 15 million barrels per day (bpd) of oil and refined products from the Gulf to global markets, which could push crude prices to $150 per barrel, research and consulting firm Wood Mackenzie said

G7 countries signaled their readiness to take “all necessary measures” to stabilize hydrocarbon markets, whose prices have surged due to the war in the Middle East, including the possibility of tapping strategic reserves

U.S. Treasury Secretary Scott Bessent said oil markets are well supplied amid the U.S.–Israeli conflict involving Iran, adding that the United States plans to make a series of additional announcements on the matter

U.S. President Donald Trump said he expects oil prices to decline as soon as his administration’s military operations in Iran come to an end

OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day at its upcoming meeting, two sources familiar with the group’s position said

The U.S. Department of the Treasury has eased restrictions allowing American companies to operate in Venezuela’s oil market, although under strict oversight and reporting conditions

The Energy Information Administration said in its Weekly Petroleum Status Report that gasoline stocks increased by 685,000 barrels to 257.9 million barrels for the week ended January 30

Oil prices could see further gains in 2026 as geopolitical risks continue to fuel volatility, HSBC said, although the bank added that market fundamentals should cap rallies and keep prices anchored in the mid-$60s range

The companies have been unable to export Venezuelan oil since the second quarter of last year, when President Donald Trump’s administration suspended the licenses