Oil Futures Rise Despite Strategic Reserve Release Amid Hormuz Strait Closure

Oil futures continue to rise following the International Energy Agency's (IEA) confirmation of releasing 400 million barrels from strategic reserves to offset supply losses due to the closure of the Hormuz Strait. According to Jin10, analysts suggest that the impact of this measure on oil prices will be limited, given the near shutdown of the strait caused by the conflict in Iran. IEA Executive Director Birol emphasized the importance of restoring navigation through the strait while announcing the reserve release.