Why historic release of oil reserves may not tame surging prices
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Despite the International Energy Agency's (IEA) plan to release 400 million barrels of oil, the largest emergency reserve release in history, global oil prices continue to surge. The IEA's action, announced on Wednesday, aimed to stabilize prices amid the ongoing war between the United States, Israel, and Iran. However, Brent crude rose about 15% and oil prices hovered around $100 a barrel on Thursday. Analysts suggest the release will have a limited impact if the Strait of Hormuz remains effectively closed, disrupting about one-fifth of the global oil supply. Iran has threatened to block oil passage through the strait, potentially driving prices to $200 a barrel, following attacks on commercial ships in the region.
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