New york: Oil prices fell on Wednesday following a report from the Wall Street Journal that the International Energy Agency (IEA) had proposed the largest release from strategic petroleum reserves in its history. This move aims to address the rising crude prices, which have surged amid the ongoing conflict involving the United States, Israel, and Iran. According to National Iraqi News Agency, Brent crude futures experienced a decrease of 23 cents, or 0.26%, to reach $87.57 a barrel as of 00:23 GMT. Similarly, U.S. West Texas Intermediate (WTI) crude futures dropped by 37 cents, or 0.44%, settling at $83.08 a barrel. The ongoing geopolitical tensions have pushed global crude oil prices to levels not observed since mid-2022, with prices briefly hitting $119 a barrel on Monday. The escalation of gasoline and fuel costs has been notable since the onset of U.S. and Israeli military actions on February 28. Efforts by the White House to enhance security measures, including naval escorts for tankers passing throug h the Strait of Hormuz, have not yet succeeded in increasing shipping traffic through this critical passageway. The strategic waterway remains a focal point of the conflict, with Iran's Revolutionary Guard stating it would prevent any oil shipments from the Middle East if attacks by the U.S. and Israel persisted. In response to these developments, President Donald Trump has issued a warning that the United States would intensify its actions against Iran should it attempt to block exports from this crucial energy-producing region.