Strait of Hormuz Remains Closed

INTERNATIONAL – The International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared due to the U.S.-Israel war with Iran, the Wall Street Journal reported on Tuesday (March 10), citing officials familiar with the matter.

The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, WSJ said. The White House on Tuesday reiterated U.S. President Donald Trump’s threat to hit Iran hard over moves to stop the flow of energy supplies through the Strait of Hormuz, where the war has effectively halted one-fifth of the world’s oil and liquefied natural gas shipments, and repeated his offer for the U.S. Navy to safely escort tankers. Saudi Arabia’s Aramco 2222.SE, the world’s top oil exporter, said on Tuesday there would be “catastrophic consequences” for the world’s oil markets if the Iran war continues to disrupt shipping. The Strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction.