On Wednesday, the 32 countries that make up the International Energy Agency unanimously agreed to release a collective 400 million barrels of oil in the largest emergency release ever. In the meantime, the critical Strait of Hormuz — through which more than 20% of the world's oil supply must pass to reach global markets — will remain closed for the foreseeable future. "The psychological level of $100 oil may just be a short-term price target on its way to higher levels as the conflict drags on, oil production is throttled back as oil storage fills up because tankers are unable to load," longtime industry expert Andy Lipow said last week.
Author: Steve Kopack
Published at: 2026-03-15 22:07:27
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