News
Energy Prices · Geopolitics · Iran War · Oil Reserves
A widening war in Iran, initiated by U.S. and Israeli attacks on February 28, has severely disrupted global oil supplies, halting tankers through the Strait of Hormuz and targeting refineries.
This geopolitical instability caused Brent crude oil prices to surge by 65% to nearly $120 a barrel before settling around $90. Despite the significant price spike and supply shock, global leaders, including U.S. President Donald Trump and the Group of Seven (G7), have expressed reluctance to tap into emergency oil stockpiles like the U.S. Strategic Petroleum Reserve or the 1.2 billion barrels held by International Energy Agency (IEA) member countries.
Experts highlight the complex calculation involved, questioning the conflict's duration and the risk of depleting reserves too early, which could leave countries vulnerable if the crisis prolongs. While no immediate release is planned, discussions among leaders are seen as potentially having a calming effect on markets.
