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

The article reported that the member states of the International Energy Agency agreed to release 0.4 billion barrels of strategic oil reserves in response to the global oil supply shortage caused by the situation in the Middle East. This is the largest collective release in history. However, the market has digested this information in advance, and the focus of investors has turned to the actual risk of shipping interruption in the Strait of Hormuz and the progress of the ongoing US-Israeli-Iraq war. As a result, international oil prices rose instead of falling after the news was announced, and crude oil futures prices in New York and London rose sharply. A number of market analysts pointed out that the release of reserves can only win short-term buffer time for the market, can not fully fill the supply gap caused by the decline in exports from the Gulf countries. In particular, the U.S. strategic oil reserve has been at a low level, and there is limited room for further release. The key influencing factors are still the duration of the war and the navigation situation in the Strait of Hormuz. If the situation fails to ease or escalate, international oil prices are expected to continue to maintain an upward trend.