Strait of Hormuz Disruption Sparks Oil Surges
Iran's attacks closed Strait of Hormuz, causing oil exports to drop to 10% of prewar levels since Feb 28.
Germany and Austria plan to release reserves, Japan starts on Monday, US and Japan as largest contributors.
Markets reacted skeptically, oil prices rebounded after IEA's announcement.
Analysts note 100M barrels release over a month equals 3.3M barrels/day, less than 20M/day disruption.
IEA has released reserves five times, emphasizing resuming Hormuz transit is crucial with 1.2B barrels in emergency stocks.
4 weeks ago