Oil prices are rising again as the announcement of the release of some of the US strategic reserves as part of a coordinated international intervention to prevent global shortages did not seem to be enough to reassure investors.
Around 03:00 (GMT), the price of a barrel of North Sea Brent crude was up 7.2% at $98.60. That of West Texas Intermediate (WTI), the US benchmark variety, was up 6.5% at $92.96.
As for the stock market indices, in Tokyo the Nikkei was down more than 1%, while in Seoul the Kospi was virtually unchanged.
The 32 member countries of the International Energy Agency (IEA) yesterday announced a joint initiative to release 400 million barrels to the market, the “largest” release of strategic black gold reserves in history.
The US will progressively release 172 million barrels starting “next week,” a process that will take “about 120 days,” according to Energy Secretary Chris Wright.
Japan said it would start marketing oil from its strategic reserves from Monday, and Germany said it planned to do the same without specifying exactly when.
As the war in the Middle East now enters its 13th day, Iran stresses it is ready for a long war of attrition.
An attack on two tankers off Iraq has claimed the life of at least one sailor, authorities in Baghdad said.
The war has led to the de facto closure of the Strait of Hormuz, through which 20% of the oil and LNG delivered by sea to international buyers normally passes.
Tehran has this week signaled that it will not allow “a single liter of oil to be exported from the region to the enemy camp and its partners until further notice.”