On 11/3, US Energy Secretary Chris Wright announced the country would release 172 million barrels of oil from its strategic petroleum reserve. This action aims to address accelerating oil prices, driven by supply shocks in the Middle East. Wright stated this release is part of a 400 million barrel plan, which the International Energy Agency (IEA) announced earlier the same day.

The oil reserve release will begin next week and last for 120 days. The US Energy Secretary added that the United States plans to replenish approximately 200 million barrels of oil into the strategic petroleum reserve over the next year.

US Energy Secretary Chris Wright at a forum on 11/3 in Washington. *Photo: Reuters*

Earlier that day, when questioned about the administration's consideration of strategic oil reserve levels, US President Donald Trump commented that Washington was "reducing it a bit."

The United States and Israel launched attacks on Iran starting 28/2. Iran retaliated with strikes against Israel and US bases in Gulf nations. The conflict has lasted nearly two weeks with no immediate end in sight.

The Strait of Hormuz, a critical global oil and gas shipping route, has been paralyzed since the start of hostilities. Considered a lifeline in the Gulf region, it handles approximately 20% of the world's crude oil transit.

Iran's Islamic Revolutionary Guard Corps (IRGC) asserted earlier this week that it would not permit "a single liter of oil" to exit the Middle East if the United States and Israel continued their attacks. On 11/3, Iran's military even warned that "oil prices could reach USD 200 a barrel."

Following this, the IEA announced that member countries had agreed to release 400 million barrels of oil from emergency reserves. This marks the largest intervention in the organization's history.

Despite these efforts, global crude oil prices have not yet cooled. By the close of trading on 11/3, both Brent and West Texas Intermediate (WTI) crude futures had risen by nearly 5%. On the morning of 12/3, prices continued their ascent, currently reaching USD 93 and USD 98 per barrel, respectively.

Ha Thu (according to Reuters)