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The oil market sent a clear signal this week that a massive release of stockpiled crude by the U.S. and its allies is nowhere near enough to address the unprecedented supply disruption triggered by the Iran war.
More than 30 nations in Europe, North America and Northeast Asia agreed to flood the market with 400 million barrels of oil in an effort to keep a lid on rising energy prices. The U.S. is leading the effort with a release of 172 million barrels from its Strategic Petroleum Reserve or 43% of the IEA total.
It is the largest release of stockpiled oil in the 50-year history of the International Energy Agency, an organization tasked with maintaining the energy security of its members during global crises.
But the oil bazooka is not inspiring confidence in the market. Crude prices have surged more than 17% since the IEA announced the emergency stockpile release on Wednesday. Brent
