The International Energy Agency (IEA) announced a historic decision to release 400 million barrels of emergency oil stocks to alleviate disruptions caused by ongoing conflicts in the Middle East. However, despite this significant release, global oil prices are experiencing an upward trend, with Brent crude trading around $98.33 per barrel, reflecting a roughly 5% increase. Concerns about oil supply imbalances remain prevalent, especially with Iran's recent escalation of attacks on oil tankers, which has failed to calm market anxieties.

On April 12, data showed that the price of West Texas Intermediate (WTI) oil also rose by nearly 7% to approximately $93.35 per barrel. Reports indicated that the IEA's unanimous agreement on the release aimed to stabilize oil markets, yet the scale of release, unprecedented in IEA history, only met about 20 days' worth of oil transported through the vital Strait of Hormuz. This measure seems insufficient against the backdrop of heightened tensions and instability in oil-producing regions.

Iran's recent attacks on tankers moored near Iraq's Basra port has further intensified market fears. CNN reported a unverified attack resulted in fires on two oil tankers, forcing the rescue of 25 crew members. Following these attacks, operations at oil terminals were halted, showcasing the tangible threats to maritime transport in the region. Bloomberg noted that such incidents highlight the threats faced by not only the Strait of Hormuz, which is essentially in a state of blockade, but also all maritime routes in the vicinity, exacerbating the uncertainty in the oil market and its impact on global energy dynamics.