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G7 to release 100 million barrels
An oil tanker explosion in the Strait of Hormuz comes amid escalating tensions with Iran, with 17 tankers passing through the strait, which is a positive sign of recovery in global trade movement. The conflict has led to a rise in oil prices; Brent crude reached $103, while futures increased by 2% to record $107.44 per barrel. Additionally, the list of the world's top oil-importing countries projects that China will lead in 2025. The global oil production also showed a decline in August 2026, decreasing by 1.6 million barrels per day, with 13 tankers laden with 34 million barrels leaving the Strait of Hormuz last week.
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