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The largest-ever release of oil from the International Energy Agency's emergency stockpiles lifted prices for the commodity up by more than 5% on Wednesday.
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Members of the International Energy Agency have announced a coordinated release of 400 million barrels of stockpiled oil in an attempt to counter the disruption in oil trade triggered by the Iran war.
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Unprecedented move underscores fears of threat to global economy from the Middle East war
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U.S. Gas Prices Jump for 11th Straight Day, and Oil Pushes Higher The New York TimesGas Prices Have Surged 60 Cents Per Gallon—But Oil Reserve Release Could Bring Prices Down. ForbesAAA Fuel Prices AAA Fuel PricesIn a time of war with Iran, Americans unite in aggravation over sticker shock at the gas pump AP NewsRising gas prices frustrate Iowa drivers as costs jump at the pump KCCI
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Dow falls 300 points despite record emergency oil reserves release: Live updates CNBCWhy Oil Prices Are Still Higher Despite the Record IEA Oil Reserves Release Barron'sStock market today: S&P 500 and Nasdaq rise, Dow slips amid fresh inflation data, continued Iran fallout Yahoo FinanceUS stock futures tick up ahead of CPI data; traders assess Iran war outlook Investing.com
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Nations agree to release oil reserves as war in Iran hits global economy The Washington Post'Largest ever' oil reserve release agreed by 32 countries, as Strait of Hormuz ships attacked BBCLive updates: Ships attacked near key shipping lane as Iran launches its 'most intense' strikes of the war NBC NewsThree cargo ships struck off Iran's coast, UK says, including one in Strait of Hormuz CNBC
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Asian Stocks Poised for Gains, Oil Swings Higher: Markets Wrap Bloomberg.comShares steady, oil turbulence deepens over Middle East war fears ReutersIEA Reportedly Proposes Largest Ever Oil Stockpile Release Bloomberg.comWhy emergency oil releases won't fix this crisis CNNOil Futures Mixed as Traders Digest IEA's Proposal to Release Strategic Reserves
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The planned release by members of the International Energy Agency is the largest such coordinated action on record.
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Oil futures settled sharply lower on Tuesday, extending losses from the overnight session, as world leaders considered releasing emergency crude supplies with the Iran conflict stretching into an 11th day.
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