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NY Oil Futures Rally 6%, DJIA Futures Slip 400Pts, as US to Release 172M Barrels of Oil to IEA
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US Energy Secretary Chris Wright announced that 172 million barrels of oil will be released from the US Strategic Petroleum Reserve, a process expected to take approximately 120 days. This is part of the International Energy Agency (IEA) member countries' plan to release a total of 400 million barrels of oil reserves globally. Wright stated that this action is to cope with Iran's restrictions on oil transport, aiming to maintain normal global operations. He accentuated that the US military will ultimately prevail, expressing hope that ship traffic in the Strait of Hormuz will return to normal in the coming weeks. Spurred by the news, international oil prices elevated. This morning (12th), New York oil futures rallied by 6.21% to USD92.67 per barrel, while Brent oil futures rose by 5.38% to USD94.16 per barrel, as the market continued to digest the severity of the global supply shock sparked by the Iranian conflict. This morning, US stock futures were subdued, with DJIA futures diving nearly 400 points or 0.84%, and S&P 500 and Nasdaq futures also falling by about 0.8%. AASTOCKS Financial News Website: www.aastocks.com |
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