From Quartz.
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Brent crude rose above $104 a barrel Monday as the administration sought allied help to secure the Strait of Hormuz, underscoring risks to energy supplies. Brent crude and West Texas Intermediate hovered near multi-year highs as oil prices stayed elevated despite planned reserve releases. The Trump administration discussed warship deployments with partners, while threats to Iranian export facilities kept traders cautious.
More than 30 countries agreed to release 400 million barrels, including 172 million from the U.S. Strategic Petroleum Reserve, with IEA-timed releases starting in Asia. U.S. gasoline averaged $3.72 and diesel $4.99. Energy Secretary Chris Wright said the U.S.-Israel war with Iran could end within weeks but warned prices may not ease soon. #oilprices #straitofhormuz #globaleconomy #energycrisis #geopolitics
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