Iran has effectively halted tanker traffic through the Strait of Hormuz in retaliation for US and Israeli strikes launched in late February, choking off oil and gas traffic and sending prices soaring.
The International Energy Agency (IEA) said this month that countries are tapping into oil inventories and their strategic reserves at a “record pace” as talks to end the war founder.
US President Donald Trump threatened on Sunday (local time) that “the clock is ticking” and “there won’t be anything left” of Iran if no peace deal is reached, amid a fragile truce.
The IEA has co-ordinated the release of 426 million barrels from emergency stocks by its 32 member countries and said this month that around 164 million barrels have already been drawn.
– AFP
