IEA plans "epic" release of reserves to stabilize oil prices, will the largest release in history be able to cool down the oil market?

According to informed officials, in order to curb the soaring crude oil prices due to the US-Iran war, the International Energy Agency (IEA) has proposed the largest ever release of strategic oil reserves in its history. It is understood that this release will exceed the 182 million barrels of oil that IEA member countries injected into the market in two separate occasions after the 2022 Russia-Ukraine conflict. IEA will hold an emergency meeting of member countries on Tuesday, and countries are expected to make a decision on the proposal on Wednesday. If no member country opposes, the proposal will be passed, but even if just one country raises objections, it could lead to a delay in the plan. In response to this news, prices of US crude and Brent crude futures fell. Earlier, benchmark oil prices surged to nearly four-year highs on Monday, but gave back some gains on Tuesday, as US President Trump predicted that the Middle East war could end soon. Energy ministers of the G7 did not reach a consensus on releasing strategic oil reserves on Tuesday, instead requesting the IEA to assess the situation before taking action.