The last time oil was released from strategic reserves was in 2022 to counter the sharp rise in oil prices following the start of the war between Russia and Ukraine.
The price of Brent crude oil sharply rose at the opening of trading in Asia on March 9, reaching $119.5 per barrel at one point — the highest since June 2022, according to Radio Free Europe.
According to trading data on the London ICE exchange, the price of May futures for Brent increased by nearly 29%. Later, the growth slowed down. In the morning, the price was $116 per barrel, but after reports of possible measures to stabilize the market, it dropped to about $107.
The sharp rise in prices is linked to the escalation in the Middle East following the military operation by the U.S. and Israel against Iran and subsequent attacks by Tehran on American bases in the region. After the conflict began, the Strait of Hormuz — the route through which about 20% of the world's maritime oil supplies pass — was effectively closed.
The Financial Times reports that the G7 countries will discuss an emergency release of strategic oil reserves in conjunction with the International Energy Agency (IEA). According to sources, this may involve 300–400 million barrels.
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