Gate News reports that on March 12, the International Energy Agency (IEA) announced the largest-ever oil reserve release in history, sending a clear signal: the energy market believes the Iran conflict could last much longer than expected.
Andy Lipow, President of Lipow Oil Associates, said that some market participants interpret the IEA’s action as an indication that the conflict could last for several weeks. MST Marquee energy analyst Saul Kavonic also believes that the scale of the release highlights how severe the risk of oil shortages is, suggesting that the IEA does not expect this war to end anytime soon.
Bob McNally, President of Rapidan Energy Group, stated that traders realize the reserve release can only cover a small part of the shortages caused by the Strait of Hormuz blockade. Unless a ceasefire is achieved or Iran’s military attack capabilities diminish, allowing oil tankers to resume transportation, oil prices may continue to rise.
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