Lates News

On Tuesday, due to global leaders assuring that policy intervention will mitigate the impact of the Iran war on energy prices, US crude oil futures continued to fall by over 15%. International Energy Agency director Birol stated that he has convened a "special meeting" of the government organization to assess the market situation on Tuesday. The G7 has requested the agency to develop a plan to release emergency oil reserves to address the market impact of the Middle East crisis. US President Trump earlier stated that he will send US naval escorts to escort oil tankers through the crucial Strait of Hormuz. Nevertheless, if the Strait of Hormuz is actually closed due to the Iran war, producers face greater production pressure every day, resulting in prices being over 40% higher than at the beginning of the year.