Anonymous24 days ago
As the Strait of Hormuz blockade enters its tenth day — the largest oil supply disruption in history — G7 finance ministers have agreed to hold off on releasing emergency petroleum reserves despite crude prices surging past $119 a barrel. The decision to wait, while signaling readiness to act, reflects deep disagreements over timing, scale, and whether the reserves of major industrialized nations — including a U.S. stockpile only 58% full — can meaningfully compensate for the loss of 16 million barrels per day of Middle Eastern oil flows.