1 of 1
Story summary
- Oil prices rose above $100 per barrel after Iran effectively closed the Strait of Hormuz.
- The International Energy Agency released 400 million barrels from emergency reserves to stabilize markets, but prices did not fall.
- Experts say the release is temporary as QatarEnergy and Saudi Aramco have halted production.
- The U.S. Strategic Petroleum Reserve cannot quickly ease the supply crunch, with a maximum drawdown of 4.4 million barrels per day.
