Overview
- The International Energy Agency said members will release 400 million barrels from emergency stockpiles, including 172 million from the U.S. Strategic Petroleum Reserve, with U.S. deliveries starting next week over roughly 120 days.
- Attacks intensified on Gulf shipping, with two oil tankers set ablaze in Iraqi waters near Umm Qasr and a container ship struck north of Jebel Ali, as authorities reported multiple vessels hit over two days.
- The IEA described the conflict as the largest supply disruption in the history of the oil market and said flows through the Strait of Hormuz have fallen to a trickle, projecting an 8 million barrel per day drop in global supply for March.
- Brent crude traded around or above $100 and WTI above $95 as stocks fell and U.S. gasoline averages climbed to roughly $3.60 per gallon, reflecting fears that flow losses will persist despite the stock release.
- Iran’s leadership warned prices could reach $200 and signaled the strait would remain closed, while U.S. Energy Secretary Chris Wright said Navy tanker escorts are not yet feasible but could begin later this month.