Khaberni - Countries announced the implementation of emergency measures by using their oil reserves due to supply cuts and navigation impacts in the Strait of Hormuz; to maintain market stability and meet domestic demand, as these steps come amid growing concerns about disruptions to oil shipments from the Gulf region.
The Strait of Hormuz is one of the world's most important maritime passages for energy, with about one-fifth of global oil trade passing through it daily, making any disruption in tanker traffic there have a direct and rapid impact on energy markets and crude prices.
The American-Israeli-Iranian military escalation has led to a decline or disruption in the movement of some oil shipments through the strait, which has pushed markets and importing countries to rely more on strategic inventories and emergency plans to ensure supply stability.
The International Energy Agency has proposed the largest withdrawal ever from its oil inventories to address the sharp rise in crude prices due to the American-Israeli war against Iran, according to what The Wall Street Journal reported from informed officials.
Israel and the United States have been launching airstrikes on Iran since Saturday, February 28, which led to the killing of Iran's Supreme Leader Ali Khamenei, and since then Tehran has responded by striking Israel and countries in the region with missiles and drones.
Iran implemented a maritime ban on the passage of ships through the Strait of Hormuz and targeted oil tankers trying to cross through it.
Germany
Germany is set to make use of part of its strategic oil reserves in the face of the significant rise in energy prices following the war in the Middle East, according to a government source.
The source mentioned that the Economy Minister, Kathrin Reich, will make an explicit statement on this matter later today.
Oil prices rose again on Wednesday, driven by the war in the Middle East that disrupts transportation through the Strait of Hormuz, where usually 20% of the world's oil passes.
Japan
Japan will begin using its oil reserves from Monday to alleviate pressure on gasoline prices and other energy sources, as announced by Prime Minister Sanai Takaitchi, at a time when the Middle East war raises concerns about supplies.
Takaitchi told reporters, "Without waiting for an official decision on the international and coordinated use of the stocks by the International Energy Agency, Japan decided to take the initiative to alleviate the pressure on demand and supply in the international energy market by releasing strategic reserves starting from the 16th of this month."
Greece
The Greek Prime Minister Kyriakos Mitsotakis announced "imposing a cap on profit margins" for fuel prices to prevent speculation following the price rise due to the war in the Middle East.
He said, "Today (Wednesday) a cap has been imposed on profit margins for fuel and supermarket products", because "this economic crisis should not lead to speculation".
