G7 governments are weighing a coordinated release of up to 400 million barrels from strategic petroleum reserves. This is the largest such intervention on record and comes after oil prices surged to near $120 per barrel amid threats to the Strait of Hormuz. G7 Plans Largest-Ever Oil Reserve Release as Hormuz Crisis Drives Prices to $120 According to a report on the Financial Times, the proposal would be coordinated through the International Energy Agency (IEA). Three G7 members, including the US, have signaled support
source: https://beincrypto.com/g7-oil-reserve-release-hormuz-crisis/