The International Energy Agency has confirmed the release of 400 million barrels of crude oil from reserves, keeping oil prices on the rise.

Crude oil futures continue to rise as the International Energy Agency confirms it will release 400 million barrels of oil from strategic reserves to offset supply losses caused by the closure of the Strait of Hormuz. Analysts believe that as long as the strait is almost closed to shipping due to a war with Iran, the impact on prices will be limited. The IEA's Executive Director, Fatih Birol, stated that the most important thing is to restore traffic through the strait. West Texas Intermediate crude rose 2.2% to $85.65 per barrel, while Brent crude rose 3.5% to $90.88.