A record release of strategic oil reserves has been agreed in a bid to help offset supply disruption since the Middle East conflict began.
The International Energy Agency (IEA) said it was to coordinate a flow of 400 million barrels into the market.
The body has barrels at its disposal following talks with ministers from the G7 group of advanced industrialised nations, including the UK.
Brent crude, the international benchmark, has eased back from highs this week above $118 per barrel on news that the aid was being considered.
It was trading at $92 a barrel shortly before the details were confirmed on Wednesday afternoon.
The Gulf region usually exports about 15 million barrels of oil per day but output and deliveries have been shattered by Iranian attacks on energy infrastructure since US-Israeli military strikes against the regime in Tehran began last month.
The threat to shipping has effectively closed the narrow Strait of Hormuz channel off the Iranian coast which would usually handle a fifth of the world’s energy shipments.
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