Brent crude oil remained above $91 per barrel even as the International Energy Agency agreed to the largest-ever discharge of oil reserves in an effort to contain oil prices.

• “Given that inflationary concerns have been abundant over the last couple of weeks, this is a breath of fresh air,” said Andrew Hazlett, a foreign-exchange trader at Monex Inc. “Next month’s figure will be more interesting to me, since that should see some kind of impact from the war in Iran, but today’s print helps calm the fears that inflation was getting away from us”
• The IEA said it would release a record 400 million barrels from its emergency oil reserves

USD/JPY rises 0.5% to 158.80

EUR/USD falls 0.3% to 1.1575; it earlier rose to 1.1645 after Governing Council member Peter Kazimir said the Iran war and its impact on inflation risk forcing the European Central Bank to raise interest rates sooner than anticipated

AUD/USD rallies 0.6% to 0.7163, earlier reaching 0.7186, the highest since June 2022

Reporting by Miles J. Herszenhorn