The International Energy Agency (IEA) is preparing to recommend a release of 400 million barrels of oil from strategic reserves, the largest in its history, to stabilize global markets disrupted by the U.S.-Israeli war with Iran, three sources told Reuters.

The release, which would be phased over at least two months, surpasses the 182.7 million barrels put on the market during the Ukraine war in 2022. Spain’s Energy Minister Sara Aagesen described the proposal as “more than double” the previous record, highlighting the scale of the crisis.

French President Emmanuel Macron is set to host a G7 video call on Wednesday to discuss coordinated measures among member nations, while Japan announced plans to release 15 days of private-sector oil reserves and one month of national reserves starting March 16. Japan depends on the Middle East for roughly 95% of its oil supply, and domestic gasoline prices recently hit their highest since December.

Despite the proposed IEA action, oil prices rebounded on Wednesday, reflecting market doubts about whether the release would offset potential supply shocks. Brent crude rose 4% to $91.32 per barrel, while U.S. West Texas Intermediate climbed 4.4% to $87.14 per barrel. Analysts note that ongoing Gulf disruptions, including a fire at Abu Dhabi’s Ruwais refinery and output cuts by Iraq, Kuwait, and the UAE, could limit the effectiveness of emergency stock releases.

The IEA and G7 are also evaluating outreach to non-member countries such as China and India to mitigate market disruption. Energy analysts estimate the Middle East conflict is currently reducing Gulf oil supplies by 15 million barrels per day, which could push prices toward $150 per barrel if the crisis continues.

European leaders are closely monitoring the situation, wary of repeating the 2022 energy crisis when Russia’s invasion of Ukraine caused record surges in energy costs. The European Commission is investing 75 billion euros ($87.3 billion) in energy infrastructure over the next three years to improve supply resilience, diversify energy sources, and reduce dependence on volatile imports.

IEA Executive Director Fatih Birol said member states are assessing the security of supply and market conditions before any coordinated release, emphasizing the need to be prepared for immediate action should oil markets face further shocks.