Oil prices rose again on Tuesday after a temporary recovery. US President Donald Trump said on Monday evening that the war was “as good as” over. This initially led to a drop in prices. The Trump administration is under pressure because of rising gasoline prices in the United States.
The USA and Israel started the Iran war with air strikes on February 28th. On the first day of the war, they killed Supreme Leader Ayatollah Ali Khamenei and other members of the Iranian leadership. Tehran has since responded with missile and drone attacks on Israel as well as on several Gulf states and US facilities in the Gulf region. In addition, the Iranian Revolutionary Guards closed the Strait of Hormuz, through which around 20 percent of the world’s crude oil is normally transported.
The IEA and the EU require their members to maintain oil stocks that correspond to at least 90 days of their net imports. Since the IEA was founded in 1974, there have been five coordinated releases: before the second Gulf War in 1991, after hurricanes Katrina and Rita in 2005, during the civil war in Libya in 2011 and twice after Russia’s attack on Ukraine in 2022.
