The oil market sent a clear signal this week that a massive release of stockpiled crude by the U.S. and its allies is nowhere near enough to address the unprecedented supply disruption triggered by the Iran war.
More than 30 nations in Europe, North America and Northeast Asia agreed to flood the market with 400 million barrels of oil in an effort to keep a lid on rising energy prices. The U.S. is leading the effort with a release of 172 million barrels from its Strategic Petroleum Reserve or 43% of the IEA total.