Donald Trump has announced a blockade of the Strait of Hormuz, escalating tensions with Iran following unsuccessful peace talks. This move could significantly affect global oil markets.
The Brent crude price has seen a significant drop, falling to around $99 per barrel. This decline comes amidst geopolitical tensions and market reactions.
The International Energy Agency has decided to release 400 million barrels of oil from emergency reserves, marking the largest stock release in its history.