The price of WTI crude oil surged more than 5% on Wednesday, as concerns over a global supply shortage overshadowed ta US decision to tap into its strategic reserves.
At 11:25 p.m. GMT (12:25 a.m. Belgian time on Thursday), the price of West Texas Intermediate (WTI) crude rose 5.48%, trading at $92.03 per barrel.
Since the onset of the conflict in the Middle East, its price has climbed by over $20.
Earlier on Wednesday, a US government minister announced plans to gradually release 172 million barrels of oil from the country’s strategic reserves. This move is part of a coordinated effort among member nations of the International Energy Agency (IEA) to mitigate the economic impact of the war in the Middle East.
US Energy Secretary Chris Wright said on X that President Trump had authorised the release and that it would begin next week.
The delivery process is expected to take approximately 120 days, based on planned unloading rates, Wright added.
