World Leaders Weigh Use of Oil Reserves Amid Iran Conflict

Global leaders are hesitant to tap emergency oil stockpiles despite spiking energy prices due to disruptions in the Middle East.

Published on Mar. 10, 2026

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A widening war in Iran has halted oil tankers, made targets of refineries, and spooked investors worried about the cascading impact of spiking energy prices. While countries around the world hold vast quantities of oil in emergency reserves that could be used in a crisis, global leaders have so far responded with reluctance to tap those supplies, citing concerns about the longevity of the conflict and the need to maintain a buffer in case the situation worsens.

Why it matters

Oil is a global commodity, and flooding the market with a sudden stream of new supply from emergency reserves has international implications. Countries often coordinate with the International Energy Agency before tapping reserves, as doing so can disrupt global oil markets. Leaders are weighing whether the current conflict is serious enough to warrant intervention, or if they should hold off in case the disruption drags on for months.

The details

Since the war in Iran erupted on February 28th, the flow of oil tankers through the Strait of Hormuz has all but stopped, cutting off a vital passageway for a huge amount of the world's oil. This has sent prices of Brent crude oil soaring to nearly $120 a barrel, about 65% higher than when the war started. Countries around the world, including the U.S., hold emergency oil supplies that could be used to help stabilize prices, but leaders have been reluctant to tap those reserves so far, citing concerns about the longevity of the conflict and the need to maintain a buffer in case the situation worsens.

  • The war in Iran erupted on February 28, 2026.
  • Brent crude oil prices surged to nearly $120 a barrel on March 9, 2026.

The players

Donald Trump

The President of the United States.

Roland Lescure

The Finance Minister of France.

Fatih Birol

The Executive Director of the International Energy Agency (IEA).

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What they’re saying

“The key question on drawing down these reserves remains one of, 'How long will this conflict last?' And, more importantly, 'How long with the Strait of Hormuz remain blocked?'”

— Tom Seng, Energy finance professor at Texas Christian University (ksgf.com)

“The price is up but it could get worse. What happens if this drags on for two, three months? Then you run into a situation where you lose your buffer.”

— Kenneth Medlock, Senior director of the Center for Energy Studies at Rice University (ksgf.com)

“As long as the market keeps hearing about these possibilities, I think that will have a smoothing effect on the global oil market.”

— Brenda Shaffer, Energy expert and professor at the Naval Postgraduate School (ksgf.com)

What’s next

The Group of Seven major industrialized powers will continue to monitor the situation and are ready to take coordinated steps to stabilize oil markets, including the potential use of strategic stockpiles, if the conflict in Iran drags on.

The takeaway

The reluctance of global leaders to tap into emergency oil reserves so far highlights the delicate balance they must strike between addressing immediate price spikes and preserving a buffer in case the disruption to global oil supplies persists. The decision to utilize strategic stockpiles remains a complex calculation with far-reaching implications for the international energy market.