The International Energy Agency is proposing that its member governments jointly release up to 400 million barrels of oil from strategic stockpiles after the Iran war set off a chaotic spike in crude prices.

Why it matters: It would be the largest joint release in the history of IEA, which coordinates members' emergency responses to oil shocks.

• The effort is the most aggressive energy policy response yet to the conflict that's bottling up massive volumes as transit through the Strait of Hormuz off Iran remains largely frozen.
• "The conflict in the Middle East is having significant impacts on global oil and gas markets, with major implications for energy security, energy affordability and the global economy," IEA executive director Fatih Birol said in a briefing from the agency's Paris headquarters on Wednesday.

Driving the news: The narrow waterway off Iran is a critical trade artery that roughly a quarter of the world's seaborne oil supply passes through, but is now too risky for nearly all journeys.

• That de facto closure is also causing spillover effects, with some Gulf region countries dialing back oil production as storage space gets tight.
• Oil prices soared to more than $100 per barrel earlier this week before easing as President Trump signaled the war was nearing its close (though his administration has delivered mixed messages since).

Catch up quick: Prime Minister Sanae Takaichi said Japan would take the lead and release oil from its national reserves as early as next week," the FT reported ahead of the IEA announcement.

• The outlet also reported that Germany would comply with the request to release from their reserves.
• It will be the first coordinated IEA release since 2022 in the wake of Russia's invasion of Ukraine.

What they're saying: "The strategic reserves are not a permanent solution, of course, and crude oil will continue to trade like a 'meme stock' until the solution is peace," investment and advisory firm Macquarie said in a note ahead of the announcement.

What we're watching: The rate at which barrels are released from members' stockpiles — and whether the release will include oil from the U.S. Strategic Petroleum Reserve.

• Democrats have urged the administration to release oil from the reserve, but Trump has been reluctant to do so.

President Trump told Axios in a brief phone interview Wednesday that the war with Iran will end "soon" because there is "practically nothing left to target."

• "Little this and that... Any time I want it to end, it will end," Trump said during the five-minute call.

Why it matters: Even as Trump publicly signals his operation has largely accomplished its objectives, U.S. and Israeli officials say there has been no internal directive on when fighting might stop.

• Israeli Defense Minister Israel Katz said Wednesday the war will continue "without any time limit, for as long as necessary, until we achieve all the objectives and decisively win the campaign."
• Israeli and U.S. officials say they are preparing for at least two more weeks of strikes in Iran.

Driving the news: On Tuesday, the U.S. received intelligence that suggested Iran has started laying mines in the Strait of Hormuz — one of the world's most critical chokepoints for oil supply.

• Officials say it's unclear how many mines Iran has deployed, but the assessment is that the number is very small.
• Trump confirmed to Axios that U.S. strikes on Tuesday destroyed 16 mine-laying boats and disrupted Iranian plans.

CENTCOM commander Admiral Brad Cooper said in a video message Wednesday that the U.S. military's mission is to eliminate Iran's ability to project power and harass shipping in the strait.

• "U.S. forces continue delivering devastating combat power against the Iranian regime. U.S. combat power is building, Iran's combat power is declining," Cooper said, adding that Iranian missile and drone attacks have declined drastically.

What he's saying: "The war is going great. We are way ahead of the timetable. We have done more damage than we thought possible, even in the original six-week period," Trump told Axios.

• He said Iran's hostility extended beyond Israel and the U.S. to Gulf states across the region.
• "They were after the rest of the Middle East. They are paying for 47 years of death and destruction they caused. This is payback. They will not get off that easy," Trump said.