“You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,” the spokesperson said.<\/p>\n
“The price of oil depends on regional security, and you are the main source of insecurity in the region.”<\/p>\n
The narrow shipping route is crucial to the global economy as about a fifth of the world’s energy supplies usually passes through it.<\/p>\n
IEA members represent around two thirds of global energy production and consumption.<\/p>\n
The release of reserves is more than double the previous IEA record, which came after Russia’s invasion of Ukraine in 2022.<\/p>\n
The IEA’s decision is “historically significant” but is only a “temporary buffer”, said Martin Ma from the Singapore Institute of Technology.<\/p>\n
Oil prices will stay high as long as there is a risk to supplies and latest jump suggests that traders are still expecting a “prolonged” disruption, he added.<\/p>\n
Global oil markets have been extremely volatile since the US and Israel launched airstrikes against Iran on 28 February, with Brent crude reaching almost $120 a barrel earlier this week.<\/p>\n
That has pushed up fuel prices have around world.<\/p>\n
In the US, the average price of petrol rose above $3.50 a gallon on Tuesday, according to the American Automobile Association.<\/p>\n
Many countries in Asia, which are heavily reliant on energy from the Middle East, have been hit particularly hard.<\/p>\n
Long queues were seen at petrol stations in the Philippines, Thailand and Vietnam this week as people raced to fill up with fuel.<\/p>\n
Thai authorities have called for staff at most government agencies to work from home to conserve energy. Officials are also being discouraged from non-essential overseas travel.<\/p>\n
The Philippines has also started a four-day work week for its government to help cut down on energy use.<\/p>\n","protected":false},"excerpt":{"rendered":"“You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,”…\n","protected":false},"author":2,"featured_media":470838,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-470837","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/470837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=470837"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/470837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/470838"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=470837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=470837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=470837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}