TOKYO, March 11, 2026 (BSS/AFP) - Crude turned lower Wednesday after a report said that the International Energy Agency has proposed its largest ever release of oil reserves to bring down prices in the wake of the Iran war.

At around 0040 GMT Brent Crude was down 0.84 percent at $87.06 while West Texas Intermediate was down 1.02 percent at $82.60.

Countries were expected to decide the proposed release later Wednesday, the Wall Street Journal reported, citing unnamed officials.

Earlier in Asian trade WTI had soared more than five percent as US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz, which Iran has effectively closed.

Equities meanwhile rose in Asian trade, with the Nikkei in Tokyo adding around two percent and the Kospi in South Korea up roughly 2.5 percent.