Brent crude traded at $101.49 on March 17. Prices remain above $100 per barrel as geopolitical risks offset supply efforts. The Middle East conflict effectively closed the Strait of Hormuz. This waterway handles approximately 20% of global energy supplies. Commercial shipping through the strait has ceased due to high attack risks. Hundreds of vessels remain stranded in the region.
The International Energy Agency (IEA) confirmed a record release of 400 million barrels from emergency reserves. Asian member countries have begun releasing the first tranches into the market. Reserves from the Americas and Europe will enter the market by late March. These actions pulled prices down from recent highs exceeding $106. Analysts warn that reserve releases provide only a temporary buffer. Long-term stability requires the reopening of the strategic waterway.