Brent crude fell to $86.92 per barrel after the International Energy Agency announced the possibility of releasing strategic reserves. However, this is far below the peak when oil reached $119 per barrel earlier this week, the highest level since 2022.

The Strait of Hormuz, through which approximately 20 percent of global oil consumption passes, is practically blocked with only a few transits per day compared to the usual 100. This has removed approximately 20 million barrels per day from global markets over the course of 11 days.

Saudi oil company Aramco warned of "catastrophic consequences" if the blockade continues, calling it "the biggest crisis the region's oil and gas sector has ever faced." Saudi Arabia has rerouted shipments through the East-West pipeline to the Yanbu port on the Red Sea, maintaining around 70 percent of normal exports.

The proposed IEA reserve release would exceed the 182 million barrel release during the 2022 Ukraine crisis, aimed at compensating for supply disruptions. Market analysts caution that strategic reserves can provide only temporary relief if the blockade of Hormuz continues.