Global oil release amid Hormuz crisis
Just read about countries tapping into their strategic oil reserves due to the Strait of Hormuz disruption. The IEA members are releasing 400 million barrels-their largest-ever draw-to ease supply concerns. Key reserves: the US holds 415M barrels, Japan 470M, and China has the world’s largest (though exact numbers aren’t public). Prices soared past $100/barrel, and nations like the UK, Germany, France, Spain, and Italy are also contributing to stabilize the market. A major move to prevent economic fallout.
https://www.aljazeera.com/news