Countries agree to record release of emergency oil reserves as prices surge

Jorge Leon, an energy analyst at Rystad Energy, said the release “helps but it doesn’t fully offset that disruption”.

“Everyone knew there would be a release of emergency reserves […] but prices haven’t come down as much as you would expect,” he added.

Meanwhile, the IEA’s executive director Fatih Birol said the decision will not help the global gas market, which he described as “very challenging”.

He said there are “few options” available to deal with a 20% slump in liquid natural gas (LNG) supplies caused by the conflict.

The benchmark UK LNG price has shot up around 70% since the conflict began, though it remains far from the heights it reached following the Russia-Ukraine war.

Energy Secretary Ed Miliband said: “The UK is playing our part in working with our international allies to address the disruption in oil markets.”