Organization: Hormuz Strait has not resumed navigation, oil prices still have upward risk.

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