Oil Surges 7.5% Amid Hormuz Chaos, Bush-Style Reserve Release
Key Takeaways
- Oil prices rose near $97 per barrel amid Hormuz disruptions and regional conflict.
- IEA cites unprecedented oil-supply disruption in the Middle East, echoed by multiple outlets.
- Israeli strikes on Lebanon intensify disruption risk alongside Hormuz-related supply concerns.
Wall-Street Energyi
Oil prices reversed course after a historic 13% plunge, surging 7.5%.
The Strait of Hormuz remained chokepointed despite a US-Iran ceasefire.
The IEA warned that 12 to 13 million barrels per day of production remained offline.
Hormuz Traffic Jam
Iranian state media reported that oil tanker transit through the Strait of Hormuz halted again.
The Ports and Maritime Organization said vessels must coordinate with the Revolutionary Guard Navy.
The near-complete halt of the waterway threatens roughly one-fifth of the world’s crude and LNG supplies.
Reserve Release Reaction
Trump tweeted, "We have very little to apologize for in regards to our energy production."
Critics argued the reserve release was mostly symbolic.
The oil market's instability was exacerbated by simultaneous Iranian and Israeli attacks.
More on Finance
Donald Trump Orders Halt To All Trade With NATO Ally Spain In Ankara
10 sources compared
easyJet Agrees in Principle to Castlelake’s £6.90-Per-Share Takeover Bid
14 sources compared
Spotify Removes 500,000 Streams From Malcolm Todd’s “Earrings” After Artificial Streaming Findings
20 sources compared
ESMA Warns Prediction Market Event Contracts May Be Banned From EU Retail Sales
12 sources compared