US EditionOil Price Jumps Despite Deal to Release Record Amount of Reserves
The International Energy Agency and G7 nations will release 400 million barrels, more than double 2022's release, to address supply disruptions from the U.S.-Israel-Iran conflict.
- The International Energy Agency said on Wednesday it will make 400 million barrels available from members' emergency reserves, and President Donald Trump said the U.S. would tap its Strategic Petroleum Reserve.
- After airstrikes on Feb. 28, U.S. and Israeli attacks set off a rare shutdown of shipping lanes through the Persian Gulf as Iran fired on commercial ships and targeted Dubai International Airport.
- Brent crude climbed to almost $120 earlier this week, while in the U.S. pump prices rose above $3.50 on Tuesday and long queues formed at stations in the Philippines, Thailand and Vietnam.
- Governments adopted emergency energy measures such as the Philippines government four-day work week and Thai authorities urging staff to work from home, while officials discouraged non-essential overseas travel amid rising fuel costs hitting energy-dependent countries in Asia.
- IEA members represent roughly two thirds of global energy, about a fifth transits the Strait of Hormuz, and Iran warned oil could reach $200 per barrel as attacks intensify.
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71 Articles
The worst scenarios are being fulfilled. The greatest release of strategic reserves in history (400 million barrels per day) is not producing the expected effects. Since last Wednesday’s announcement, quotes have been appreciated by about 15%. Brent, a reference variety in Europe, has again broken the $100 barrier this Thursday. Never before, on the previous four occasions on which this extraordinary measure was applied, the market had reacted s…
The German Chamber of Commerce and Industry has welcomed the release of oil reserves by the International Energy Agency.
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Oil tops $100 as Iran attacks offset stockpiles release
Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as Iran's attempts to hit supplies in the Middle East offset the release of crude reserves by major economies.
The International Energy Agency (IEA) wants to release 400 million barrels of crude oil in response to the de facto blockade of the Hormus road. Never before have the 32 member states taken so much oil from their crisis stocks in a joint action to stabilize the energy market. However, this is not a solution to the problem for the media.
Why Oil Prices Jumped Above $100 Despite Record Reserve Release
Oil prices surged above $100 per barrel again in overnight trading as the war involving the United States, Israel, and Iran continues to disrupt global energy supplies. Brent crude briefly climbed to about $100 before easing to $98.2 early Thursday, a rise of nearly 6.8 percent. West Texas Intermediate also jumped, reaching $94.8 before settling around $92.9, CNN reported. Oil prices surged once again past $100 per barrel overnight, despite the …
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