Governments are pumping oil from emergency reserves to calm fuel markets. Here is what the IEA’s big release means for prices at the pump.

Strategic reserves are government-owned oil stockpiles for crises. In March, 32 IEA members pledged 400 million barrels, the largest such release ever. About 325 million barrels have now been released.

The trigger is a supply squeeze. Iran has restricted shipping through the Strait of Hormuz, a key oil route. Ukrainian strikes on Russian refineries have cut diesel output.

Diesel is the pinch point. It powers trucks, tractors, factories and construction. When diesel runs short, transport and food costs rise across the economy.

There is an important distinction. Crude oil flows from the Middle East have largely recovered, the IEA says. But refined products like diesel remain tight because refineries are damaged or disrupted.

Releases help but do not fix the root causes. They buy time and calm markets. Pump prices should ease, yet fresh attacks or refinery outages could quickly reverse the relief.