Oil prices plunge as global leaders race to address supply shocks

Golden Ten Data, March 11 – On Tuesday, as global leaders pledged policy interventions to mitigate the impact of the Iran war on energy prices, U.S. crude oil futures extended their decline to over 15%. International Energy Agency (IEA) Director Fatih Birol stated that he has convened a "special meeting" of this intergovernmental organization to assess Tuesday's market conditions. The G7 has requested the agency to develop a plan for releasing emergency oil reserves to counter the market shock caused by the Middle East crisis. Earlier, U.S. President Trump announced he would deploy the U.S. Navy to escort oil tankers through the critical Strait of Hormuz. Nevertheless, with the actual closure of the Strait of Hormuz, each additional day of the Iran war increases production cut pressures on producers, resulting in prices being more than 40% higher than at the beginning of the year.