To stabilize markets, the G7 and IEA have coordinated a massive release of strategic reserves to counter disruptions in the Strait of Hormuz. But as the blockade persists, the market is questioning if these stockpiles are enough to prevent a long-term shortage.
Hormuz Emergency Talks? Oil Plunges 4%! Oil Squeeze Ends?
The relentless rally in crude oil hit a massive speed bump on Wednesday as the diplomatic machinery swung into high gear. WTI crude futures plunged over 4% to intraday lows of $91.45. International Maritime Organization (IMO) convened an extraordinary two-day council session in London (March 18-19) to address the safety of the 3,200 vessels currently trapped near the Strait of Hormuz, and UN Secretary-General António Guterres headed to Brussels for urgent talks with EU leaders. Can "Energy Corridor" successfully bypass Iran’s blockade, or is the 4% dip just a temporary pause?
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