IEA ADDS 100 MILLION MORE OIL BARRELS

The International Energy Agency and G7 governments pledged another 100 million barrels of oil and diesel releases over the next four months, layered on top of the 400 million barrels promised back in March. IEA data already show more than 80% of that original pledge — some 325 million barrels — has left strategic reserves, yet the Strait of Hormuz crunch kept squeezing diesel markets enough to force a second intervention. Traders watching $USO and $BNO are looking at proof the first release never fully cooled the market.