Crypto Prices Jump As IEA Members Agree To Release Record 400M Barrels Of Oil

Crypto prices are up today, led by Bitcoin, which has climbed to as high as $71,000. The rally comes amid the IEA’s announcement that it plans to release a record 400 million barrels of oil to curb market volatility and shore up the current supply shock.

Crypto Prices Rise Today As IEA Agrees To Release Oil Reserves

TradingView data shows that the total crypto market cap is up today, reaching $2.38 trillion. Bitcoin has led the rally, rising to $71,000 from an intraday low of around of $69,000, now up almost 1% on the day.

The jump in crypto prices comes amid a statement by IEA Executive Director Fatih Birol announcing an agreement among member states, including the U.S., Germany, France, and the United Kingdom, to release a record 400 million barrels of oil from their emergency reserves.

This would mark the largest release, double the prior release in 2022, around the time the war in Ukraine began. The move is aimed at curbing the rising oil prices due to supply disruptions caused by the U.S.-Iran war. The IEA executive director didn’t give an exact timeline for when they will release these barrels of oil.

Such a move is bullish for crypto prices, especially if it helps curb oil price volatility. Oil prices had rebounded yesterday following reports that Iran planned to deploy naval mines in the Strait of Hormuz, a move which would further disrupt oil flows through this major chokepoint. TradingView data shows that Brent crude oil has settled at $90, down today.

However, U.S. oil futures, WTI, are up 4% on the day, currently trading at $87. Meanwhile, it is worth noting that crypto prices are also up today following the release of the U.S. CPI data, which showed that inflation remained unchanged at 2.4% in February, although this was before the Iran war began.