LONDON, March 11, 2026 (BSS/AFP) - A record release of oil from strategic reserves by IEA nations failed to ease concerns about the impact from the Middle East war, with crude prices pushing further higher and stocks sliding on Wednesday. The move to release oil stocks came as Iran said it was ready for a long war of attrition that would "destroy" the world economy, after firing on two commercial ships and threatening any vessels from the US or its allies. Despite the IEA announcement oil prices added to gains. While it may be a record reserves release, it still only replaces part of the lost supplies, noted analyst Helge Andre Martinsen at DNB Carnegie. He estimated that releases from strategic reserves could total 1.75 million barrels per day, while lost supply is approximately 11 million barrels per day of crude and around four million barrels per day of oil products.

Source: Bangladesh Sangbad Sangstha March 11, 2026 17:30 UTC