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Despite the release of reserves, global oil prices continue to rise

The New York Times notes that the record release of strategic oil reserves by the International Energy Agency’s member countries has so far failed to curb rising oil prices amid risks of supply disruptions through the Strait of Hormuz.
Despite the release of reserves, global oil prices continue to rise
World leaders agreed on Wednesday to release 400 million barrels of oil from their strategic reserves, their most forceful response to the surge in oil prices since the war in Iran began at the end of February. It would be the largest coordinated release of stockpiled oil on record by the members of the International Energy Agency, a Paris-based multilateral... ...

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