• WTI price remains calm as Australia and Japan have decided to release their fuel reserves.
• Australia’s Energy Minister Chris Bowen said the country will release up to 762 million litres of fuel from reserves.
• Japan plans to release about 80 million barrels from strategic reserves, roughly 45 days of supply, to ease disruptions.

West Texas Intermediate (WTI) oil price remains steady after experiencing volatility, hovering near $95.60 per barrel during the European hours on Friday. Oil prices struggled during the Asian hours after Chris Bowen, Australia’s Energy Minister, said the country would release up to 762 million litres of fuel from reserves after easing stockholding rules to address supply disruptions linked to the Iran conflict. The Australian government also plans to reduce minimum fuel stockholding requirements by up to 20% to help stabilize domestic supply.

Japan plans to release about 80 million barrels of oil from its strategic reserves—roughly 45 days of supply—to help ease global disruptions caused by the Middle East war. Japan relies on the Middle East for around 95% of its oil imports, with nearly 90% of shipments passing through the Strait of Hormuz, which Iran effectively controls. Japan’s Prime Minister Sanae Takaichi said in a broadcast statement that Japan will begin releasing its share from March 16 in coordination with the Group of Seven (G7) and the International Energy Agency (IEA).

However, Oil prices may continue to climb following the effective closure of the Strait of Hormuz amid escalating tensions involving the United States, Israel, and Iran. US crude prices have surged more than 40% since the conflict began. The International Energy Agency (IEA) warned that the US-Israeli war on Iran is “creating the largest supply disruption in the history of the global oil market.”

Iran’s new supreme leader, Mojtaba Khamenei, said in his first public remarks since taking office that keeping the Strait of Hormuz closed should remain a “tool to pressure the enemy.” He also warned that all US military bases in the region should be shut down immediately or risk potential attacks.