Why a historic release of oil reserves may not tame surging prices

Oil prices continue to soar despite the International Energy Agency’s plans to release 400m barrels into the market.

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Global oil prices are continuing to surge despite the International Energy Agency’s (IEA) announcement of the largest release of emergency reserves in history.

Brent crude, the international benchmark, rose about 15 percent after the Paris-based IEA on Wednesday announced plans to release 400 million barrels to stabilise prices amid the fallout of the United States and Israel’s war with Iran.

Why a historic release of oil reserves may not tame surging prices

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