Why oil prices surged even after the release of strategic reserves
12 March 2026
Time to read: minutes
Even if shipments resume in the strait, it could be months before energy markets return to normal, according to June Goh, a Singapore-based oil market analyst at Sparta, a commodities data firm.
The New York Times, March 12, 2026 – Oil prices have climbed above $100 per barrel despite a record 400 million barrel release from strategic reserves, as the Strait of Hormuz remains largely closed. The strait normally carries about 20 million barrels per day, far more than reserves can replace, keeping markets nervous. Traders now expect prolonged disruption, with supply flows and refinery operations likely taking months to fully recover even if the route reopens.
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