Lates News

After the International Energy Agency announced that it would release a record amount of oil from its strategic reserves, crude oil futures further extended their gains. Dennis Kissler of BOK Financial said, "The market is really focused on the Strait of Hormuz. You won't see oil prices easing until at least some ships start passing through there again." He added that if the strait remains closed in the coming days, oil prices may rise again. The release of the reserves is "clearly not a strong bullish factor, more like a short-term relief measure" and may just be a way for the US and Israel to buy more time to reopen the strait.