economy

March 11, 2026

Global oil market on the verge of a major move

The goal of this measure is to alleviate disruptions in global energy supply caused by the war in the Middle East.

Global oil market on the verge of a major move

TL;DR

  • IEA may release 300-400 million barrels of oil from strategic reserves, a historic amount.
  • The move aims to mitigate global energy supply disruptions stemming from the Middle East conflict.
  • Crude oil prices have risen 35% and European natural gas prices 75% since early March.
  • Qatar's Ras Laffan LNG facility halted operations after an attack on March 2nd, impacting Asian and European markets.
  • The closure of the Strait of Hormuz, through which a quarter of global oil trade passes, further exacerbates supply issues.
  • Asian markets are expected to be most affected, as they receive the majority of oil and gas passing through the Strait.

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