The international energy regulator is weighing another release of emergency crude reserves into the world market to temper climbing oil prices, after cautioning that market recovery will be slow following the ongoing strait of Hormuz crisis.
Fatih Birol, chief of the International Energy Agency, noted that member nations still hold substantial emergency oil stocks even after approving the largest government‑crude release ever recorded, leaving room for additional withdrawals “as and if needed.”
The move coincided with Brent crude jumping nearly 3 % within minutes of Monday’s market opening, reaching roughly $106.50 a barrel. Prices later fell about 2 % but remained just above the $100 mark.
Around 100 million barrels of emergency stockpiles will be offered to Asian buyers this week, marking the first tranche of a planned 400 million‑barrel influx intended to offset lost Gulf exports that have pushed global oil prices up 40 % this month.
“Even with this sizable release, considerable reserves remain,” Birol said. “When this batch is finished, emergency stocks in IEA nations will have been cut by only about 20 %.”
Birol added that while the reserves provide a short‑term cushion, reopening the strait of Hormuz is essential for Gulf oil and gas to reach international markets.
On Monday, Donald Trump reiterated his appeal to world leaders to clear the strait, which before the crisis carried one‑fifth of global seaborne crude from the leading producers to buyers abroad.
“Some are very enthusiastic about it, and some aren’t,” Trump told reporters. “Some are countries we’ve helped for many, many years. We’ve shielded them from hostile forces, and they weren’t that enthusiastic. The level of enthusiasm matters to me.”
The United States responded to Iran’s effective blockade of the key oil corridor with a weekend strike on Kharg Island, the hub that ships about 90 % of Iran’s crude.
Although the U.S. forces did not damage the facility, the attack heightened worries about Gulf output, which is declining as producers are forced to shut fields.
Birol warned that governments should brace for a prolonged conflict and cautioned that global energy trade will need time to recover even after hostilities cease.
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