Dozens of countries have done the unprecedented, releasing an historic amount of crude from emergency reserves to prevent high oil prices from crippling the economy. If that doesn’t work, there’s only one serious option left: ending the war and opening the Strait of Hormuz.
Those nations this week agreed to send a record 400 million barrels of oil into the market to counteract choked-off crude supplies. It’s the equivalent of smashing the “break in case of emergency” glass for the oil market.
That’s because this is truly an emergency. Oil has been stuck in the Middle East for more than a week, as Iran has