Tokyo, March 11 (SANA) – Global oil prices declined Wednesday following reports that the International Energy Agency is considering the largest-ever release from strategic petroleum reserves.
According to Reuters, Brent crude futures fell by 23 cents (0.26%) to $87.57 per barrel, while U.S. West Texas Intermediate (WTI) dropped 37 cents (0.44%) to $83.08 per barrel.
The decline was driven by expectations of increased global supply if the agency proceeds with the proposed large-scale release of strategic oil reserves, a move aimed at easing concerns over supply stability.
The Middle East has experienced significant military escalation since February 28, with ongoing U.S. and Israeli strikes on Iran and Iranian missile and drone attacks targeting key facilities in several Arab and regional countries. The situation has raised international concerns about the potential expansion of the conflict and threats to global energy supplies and maritime routes.
