US Military Unprepared for Hormuz Tanker Escorts; IEA Releases Record Oil Reserves
The US military is currently unable to escort oil tankers through the Strait of Hormuz due to assets being tied up in strikes against Iran. This comes after an attack on two tankers off Iraq, pushing oil prices above $100. President Trump has offered Navy escorts and reinsurance, but no action has been taken yet. The International Energy Agency (IEA) has released a record 400 million barrels from reserves due to Irans attacks on Gulf energy sites and US/Israeli strikes on Iranian targets. The US is putting out 172 million barrels through a swap, with 200 million barrels returning within a year. Energy Secretary Chris Wright assures that oil supplies are solid, and short-term price jumps are due to nerves rather than real shortages. The US has also eased rules on some Russian oil shipments to help India.
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