Oil prices are rising, and the market is weighing mixed information related to the Strait of Hormuz; the International Energy Agency proposes releasing record-scale reserves.

Oil prices rose after falling on the previous trading day, with previous reports stating that the International Energy Agency proposed releasing a record amount of oil reserves to push down prices. In early trading, Brent crude rose by 0.7% to $88.45 per barrel, while West Texas Intermediate rose by 1.5% to $80.65 per barrel. According to informed officials, the amount to be released will exceed the 182 million barrels of oil that the IEA member countries put on the market in two rounds during the 2022 Russia-Ukraine conflict. Oil prices fell significantly on Tuesday due to the unpredictable comments from the Trump administration on shipping issues in the Hormuz Strait. President Trump warned Iran not to lay mines in that waterway, and Energy Secretary Chris Wright issued a message that was later deleted, claiming that a US Navy escort escorted a tanker through the strait.