Donald Trump’s options to cool oil prices are sorely limited

Mar 10th 2026|8 min read

ON MARCH 11TH the 32 members of the International Energy Agency (IEA), a club of large oil-consuming countries, agreed to sell 400m barrels of crude from their emergency reserves. The release, equivalent to one-third of the group’s combined strategic stash, is the biggest ever co-ordinated by the IEA, which was founded in 1974 after the first Arab oil embargo. Its historical significance failed to impress oil markets, which have been shaken by the Middle Eastern crisis provoked by America and Israel’s war on Iran. Brent crude, the global benchmark, rose by nearly 10% in the day after the IEA’s announcement, back to $100 or so a barrel (see chart 1).