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Oil over $100 per barrel, G7 discusses releasing strategic reserves

2026-03-09 09:03:00, Ekonomi CNA

Oil over $100 per barrel, G7 discusses releasing strategic reserves

International oil prices have crossed the $100 per barrel threshold, rising by over 25% in a matter of days, as global markets react to the escalation of the conflict in the Middle East and fears of supply disruptions.

According to Reuters reports, this is the strongest price increase since the 2022 energy crisis.

Global benchmark Brent crude oil has risen to above $108-116 per barrel, while US West Texas Intermediate crude has passed $105 per barrel, as tensions in the Gulf region have increased the risk to global supply.

Markets are particularly sensitive because of the situation around the Strait of Hormuz, a maritime corridor through which about 20% of the world's oil supply passes. Any disruption to tanker traffic in this area could significantly reduce supply to global markets.

Meanwhile, the G7 countries are considering a coordinated release of strategic oil reserves, in cooperation with the International Energy Agency, to curb rising prices and stabilize the market. According to reports, some member countries have supported a scenario for releasing 300 to 400 million barrels of oil from emergency reserves if the situation worsens.

However, the executive director of the International Energy Agency, Fatih Birol, has stated that currently "all options are on the table, but at the moment there is no decision on a collective intervention", emphasizing that the global oil market still has sufficient supplies.

Analysts warn that if the conflict in the Gulf region continues and oil transportation remains restricted, prices could remain above $100 per barrel for an extended period, increasing inflationary pressure on the global economy./ Monitor





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