The International Energy Agency has confirmed that its member nations still hold more than 1 billion barrels of emergency oil stocks, even after executing the largest coordinated strategic reserve release in history. The disclosure comes as markets continue to assess the impact of the U.S.-Israeli war with Iran on global crude supplies. Main Developments Since the IEA announced the record 400-million-barrel release on March 11, member countries have drawn down approximately 290 million barrels. That leaves a substantial cushion of more than 1 billion barrels still available in strategic stockpiles across the 31-member agency. Oil prices edged higher Tuesday as traders weighed conflicting signals: reports of mediation efforts alongside fresh U.S.-Iran attacks and threats by Yemen’s Houthis to impose a naval blockade on Saudi Arabia. IEA Executive Director Fatih Birol noted that Gulf exports remain below their late-June peaks but are still significantly above the levels seen between early March and mid-June. Read also: 4 ways India's option crackdown fuels a $15B margin loan boom Background The IEA’s coordinated release was triggered by a surge in global crude prices following the outbreak of the U.S.-Israeli war with Iran. The 400-million-barrel figure marked the largest such intervention in the agency’s history, designed to calm markets and ensure adequate supply during the conflict. The agency has previously warned that further escalation between the U.S. and Iran could threaten the projected oil market surplus expected in 2027. Why It Matters Despite the drawdown, the remaining 1 billion barrels provide a critical buffer against supply disruptions that could destabilize global energy markets. The ongoing conflict and the Houthi blockade threat highlight how quickly supply routes can be imperiled, making these reserves a key tool for price stability. On the demand side, top crude importer China saw its June imports slump 41.3% to the lowest level in nearly a decade, adding a layer of uncertainty to an already volatile market. What's Next The remaining 110 million barrels from the authorized 400-million-barrel release have yet to be drawn, leaving room for additional emergency supply if needed. Markets will watch for any diplomatic breakthroughs or further military escalation that could shift the supply-demand balance in the weeks ahead.