11/03/2026 – Middle East crisis: International agency pushes for record release of strategic crude oil reserves, exceeding 180 million barrels – Read more news

OIL: Yesterday saw further sharp price fluctuations. Prices reached a low of $81/bbl after Energy Secretary Wright announced that an oil tanker had passed through the Strait escorted by the US fleet. The White House directly denied the news, and purchases returned to drive the market after CNN published rumors about Iran's activity in placing naval mines in the Strait.

According to the WSJ, the International Energy Agency has proposed releasing strategic crude oil reserves in excess of the 182 million barrels managed during the height of the Russian-Ukrainian conflict. According to various estimates, the reserves would be able to compensate for about two weeks of lost exports from the region.