Both contracts extended losses in early Asian trade, after plunging more than 11% on Tuesday, despite U.S. crude prices leaping 5% at the market's opening. Such a volume would be more than double the 182 million barrels released in 2022 following Russia's invasion of Ukraine. "[It] doesn't look like the oil market thinks that 'largest ever' release of strategic reserves will help much against current crisis," SEB analyst Bjarne Schieldrop said. International Coordination EffortsG7 officials have also gathered online to discuss a potential release of emergency oil stockpiles to soften the market blow. Market Outlook and Analyst PredictionsEnergy consultancy Wood Mackenzie said the war is currently cutting Gulf oil and oil products supply to the market by some 15 million barrels per day, which could raise crude prices to $150 per barrel.

Source: The Guardian March 11, 2026 09:43 UTC