US decision impacts oil markets
The U.S. Department of Energy announced its approval for an emergency exchange of approximately 4 million barrels from the Strategic Petroleum Reserve to address supply disruptions caused by Hurricane Isaias. This step helped maintain refining operations and reduce fuel supply interruptions, with the government emphasizing the continued access for households and businesses to affordable and reliable energy. Last week, oil prices rose significantly, with Brent crude increasing by 2.4% to close above $104.42, while U.S. light crude gained 0.80% to $91.66, amid increasing tensions in the Gulf and the Strait of Hormuz and their impact on global oil supplies.
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