The International Energy Agency (IEA) and its member countries have agreed to release a record 400 million barrels of oil from strategic reserves to stabilize global energy markets as the conflict involving Iran continues to disrupt crude shipments through the Strait of Hormuz.

Announced on Wednesday, the coordinated release is the largest emergency oil deployment in the IEA’s history and only the sixth such intervention since the agency was formed following the oil crises of the 1970s.

The move comes as tanker traffic through the Strait of Hormuz — a key corridor for nearly 20 percent of global oil and liquefied natural gas trade — has slowed sharply due to escalating military tensions in the Gulf.

IEA Executive Director Fatih Birol described the decision as a major step to ease supply pressures in global energy markets. IEA member states collectively hold around 1.8 billion barrels of emergency crude and refined fuel reserves that can be used during major supply disruptions.

The exact contribution from each country has not yet been announced. The release will be sourced from reserves held by the IEA’s 32 member states, including the United States, Japan, South Korea, Canada and several European nations. Major energy consumers such as China and India, which are IEA association partners, are monitoring developments as markets react.

Oil prices have been highly volatile since the conflict intensified. Global crude rose from around $70 per barrel before the escalation to nearly $120 at the peak of supply concerns before easing to about $90 on Wednesday.

The decision follows days of deliberations among major economies. Finance ministers from the Group of Seven had earlier delayed a decision on releasing strategic reserves while assessing the extent of supply disruptions.

The United States maintains the world’s largest government-controlled crude stockpile through its Strategic Petroleum Reserve, which currently holds about 415 million barrels out of a maximum capacity of 715 million.