Energy — IEA Releases Strategic Reserves as Strait of Hormuz Closure Roils Energy Markets

Energy · 2026-03-12

The energy industry faces its most severe supply chain disruption since the 1970s oil shocks, with the closure of the Strait of Hormuz creating unprecedented market distortions. The situation has forced a record 400-million-barrel strategic reserve release by the IEA, yet prices continue climbing with Brent reaching $91.98 and WTI at $93.96. The crisis is particularly acute in specific segments,…