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Japan has commenced the release of its strategic petroleum reserves in response to a coordinated global effort by International Energy Agency member states to stabilize oil markets following price surges triggered by escalating conflict in the Middle East. The Japanese government confirmed the drawdown on Monday through an official notice published in the government…
Global crude oil markets recorded their first significant decline since the escalation of Middle East hostilities, with benchmark Brent crude falling 8.45 percent to 90 per barrel and United States West Texas Intermediate (WTI) dropping 8.58 percent to 86.77 per barrel on Tuesday. The correction follows Monday’s dramatic surge that pushed prices past 100…
