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The International Energy Agency (IEA) Chief Fatih Birol said on Monday that he is discussing with governments across globe, if necessary there will be more releases of oil stocks.  Key quotes Situation in Middle East is severe.  This crisis is worse than the two oil crises of the 1970s combined.  Single biggest solution to the current problems is to reopen Strait of Hormuz.  Currently consulting with governments across globe, if necessary there will be more releases of oil stocks.  No specific crude price level to trigger more oil releases.  Shortage of fuel an increasing problem in Asia.  Australian government doing its best to increase fuel stock levels.  Market reaction Crude oil prices edge higher follow this headline. At the time of writing, the West Texas Intermediate (WTI) is up 0.66% on the day at $97.85. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US…

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Filed under: News - @ March 23, 2026 2:22 am