Crude Prices Soar: Record Oil Release Fails to Halt Surge Amid Hormuz Crisis

• Over 30 countries, led by the US, released a record 400 million barrels of emergency oil stock, the largest in IEA history, to stabilize prices amidst the Iran war.
• Despite this unprecedented release, crude prices, with Brent remaining above $100, continue to rise, showing market concerns persist.
• The core issue is the disruption of oil supply through Hormuz, a vital transit route, affecting approximately 9 million barrels per day or 10% of global supply.
• Experts suggest the 400 million barrel release is a temporary measure, covering only a fraction of the daily deficit, and won't fully resolve the crisis.
• Prolonged conflict could push Brent crude to $110-$135 and exacerbate the energy crisis, as Hormuz also handles 20% of global LNG exports.