Overview
- IEA said oil from its 400 million‑barrel coordinated release will begin reaching Asian buyers on March 16, with Europe and the Americas set to receive barrels later this month.
- Oil shipments through the Strait of Hormuz have fallen to less than 10% of prewar levels, stranding hundreds of tankers and keeping Brent above $100 after earlier spikes toward $120.
- President Donald Trump called on China, France, Japan, South Korea and the UK to send naval escorts for tankers as U.S. operations continue following large‑scale strikes near Iran’s Kharg Island.
- Energy Secretary Chris Wright said prices should ease once the conflict ends and signaled the fighting could last several more weeks, while cautioning there are no guarantees.
- Markets are bracing for a key Fed meeting as higher energy costs lift inflation expectations, with U.S. gasoline averaging roughly $3.68–$3.70 per gallon and investors pricing fewer rate cuts this year.