The move by the U.S. and its allies to release strategic reserves of oil could provide a much-needed shot in the arm for the U.S. economy, but risks inflicting lasting damage on the already tense relationship between oil producers and consumers.

The International Energy Agency said Thursday that its 28 members would make available 60 million barrels of oil from their emergency stocks over the next month to offset lost supplies from Libya, amid concerns that high oil prices were imperiling the global economic recovery. About...