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US: Oil Price Continues to Rise Despite DOE Decision

Published March 11, 2026, 17:11
US: Oil Price Continues to Rise Despite DOE Decision

Oil markets remained largely indifferent to the announcement by the International Energy Agency (IEA) to release 400 million barrels of oil from its strategic reserves, in an effort to curb rising prices due to the war in the Middle East. Both Brent and WTI recorded increases, despite the announcement, reaching $90.7 and $86.14 respectively. The lack of reaction is due to the fact that the IEA's move was expected by the markets, according to analysts. European stock markets experienced slight losses, while the yield on German and French bonds increased, indicating increased uncertainty. The President of the European Central Bank, Christine Lagarde, stated that the ECB will take the necessary measures to control inflation, despite the surge in energy prices. The situation remains tense and markets are closely monitoring developments in the Middle East.