Member countries of the International Energy Agency unanimously agreed Wednesday to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the conflict in the Middle East.

The International Energy Agency is proposing a release of emergency oil reserves that would be the largest-ever in its history, with a decision possible later on Wednesday, according to a person familiar with the matter.

History suggests that any eventual return to normalcy will likely be a drawn-out process. These are today's mortgage and refinance rates, which have ticked just below 6%, though the war in Iran has unsettled the bond market.

Member countries of the International Energy Agency unanimously agreed Wednesday to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the latest turmoil in the Middle East.