Oil futures added to gains after the IEA said it will release a record amount of oil from strategic reserves.

The International Energy Agency has agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East.

The International Energy Agency is proposing a release of emergency oil reserves that would be the largest-ever in its history, with a decision possible later on Wednesday, according to a person familiar with the matter.

Taylor Riggs, FOX Business host, discusses the volatility of oil prices, the International Energy Agency's proposal for a historic oil reserve release and the impact of the Strait of Hormuz on global supply.

The International Energy Agency on Wednesday agreed to release 400 million barrels of ​oil, the largest such move in its history, to try to rein in crude prices that have soared due to supply shocks from the ‌U.

Countries would decide Wednesday whether to release oil stocks in an attempt to tame crude prices.

CNBC's Pippa Stevens reports on the latest news surrounding the oil market. Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox,

Member states of the International Energy Agency (IEA) met on Tuesday for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East