What happened: Oil prices increased even after a deal to release a record volume of reserves. This comes as Iranian attacks on ships in the Strait of Hormuz have intensified.
Why it matters:
- Rising oil prices can increase costs for consumers and businesses worldwide.
- The Strait of Hormuz is a vital shipping route, so instability there threatens global energy supplies.
MNN Take: The release of reserves aims to stabilise markets, but ongoing regional tensions continue to create uncertainty, keeping prices elevated.
Sources: BBC World