Oil prices fall after IEA proposes biggest oil stock release in history

Oil prices fell this morning after the Wall Street Journal revealed that the International Energy Agency (IEA) has suggested releasing a significant amount of oil reserves, the largest in its history. This move aims to reduce the high crude prices that have surged due to the ongoing U.S.-Israel conflict with Iran. At 0023 GMT, Brent crude futures were down by 23 cents, which is a 0.26% decrease, bringing the price to $87.57 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) dropped by 37 cents, or 0.44%, to $83.08 per barrel.