The largest-ever release from oil reserves has failed to close the supply gap, and international oil prices continue to rise.

　　Xinhua News Agency, New York, March 11 – Summary | Largest Release of Oil Reserves Fails to Fill the Gap, International Oil Prices Continue to Rise

　　Xinhua News Agency Reporter Liu Yanan

　　As the market has already absorbed the information about the release of strategic oil reserves by International Energy Agency member countries, investors continue to focus on shipping disruptions in the Strait of Hormuz, causing international oil prices to fluctuate and rise. After the opening of the next trading day on the evening of March 11 Eastern Time, the price of London Brent crude oil futures for May delivery returned above $100 per barrel during intraday trading.

　　At the close of trading on the 11th, the price of light crude oil futures for April delivery on the New York Mercantile Exchange rose by $3.80, closing at $87.25 per barrel, an increase of 4.55%; the price of London Brent crude oil futures for May delivery rose by $4.18, closing at $91.98 per barrel, an increase of 4.76%.

　　On the 11th, the International Energy Agency issued a statement saying that all 32 member countries unanimously agreed to release 400 million barrels of strategic oil reserves to address the global oil supply tensions caused by the Middle East situation. International Energy Agency Director Fatih Birol stated that the release of strategic oil reserves will be implemented step by step within an appropriate timeframe based on the specific circumstances of each member country.

　　Birol previously stated in a press release that International Energy Agency member countries currently hold over 1.2 billion barrels of public emergency oil reserves, in addition to approximately 600 million barrels of corporate reserves controlled by member governments.

　　This release of oil reserves is the largest in history. Market analysts are cautious in assessing its impact, with attention still focused on the progress of the U.S.-Israel-Iran conflict and the passage conditions in the Strait of Hormuz.

　　Dan Coatsworth, head of market research at UK-based AJ Bell, said that releasing oil reserves may temporarily ease market concerns, but completely dispelling market doubts would require the conflict to end entirely or at least a clear path to de-escalation.

　　UK-based Wood Mackenzie consulting firm analyzed that the current total oil exports from Gulf countries have significantly decreased, and the release of oil reserves and other alternative sources cannot fully fill the current supply gap. Additionally, as the International Energy Agency member country with the largest oil reserves, the U.S. strategic oil reserves are at a low level, limiting its ability to alleviate the market supply gap through reserve releases. Wood Mackenzie Chairman and Chief Analyst Simon Flowers predicted that as the conflict drags on, international oil prices will continue to rise.

　　Sasha Fosse, an analyst at UK-based Marex, said that releasing oil reserves does indeed buy time for the market, but the key factors still depend on the duration of the conflict and the passage conditions in the Strait of Hormuz.