Crude oil prices, on the second day in a row, declined after reports surfaced that the International Energy Agency (IEA) proposed the largest release of emergency reserves in its history to cool the price surge fuelled by the US‑Iran war. 

As reported by news agency IANS, the proposed release would surpass the 182 million barrels deployed in two tranches in 2022 following Russia’s invasion of Ukraine, according to multiple reports. T