Oil prices up 4% as supply fears mount despite record stocks release plan

Group 1: Oil Price Movements - Oil prices increased by more than 4% due to fresh attacks on ships in the Strait of Hormuz, raising supply disruption fears [1] - Brent futures rose by $3.88, or 4.4%, reaching $91.68 per barrel, while U.S. West Texas Intermediate increased by $3.38, or 4.1%, to $86.83 per barrel [1] Group 2: Supply Disruptions - At least 14 vessels have been struck by projectiles in the Strait of Hormuz since the onset of the Iran conflict, leading to a near standstill in shipping and affecting around 20% of the world's oil supply [2] - The U.S. Navy has declined requests for military escorts for tankers in the Strait of Hormuz due to high attack risks [3] Group 3: International Energy Agency (IEA) Response - The IEA proposed a record release of 400 million barrels of oil to mitigate rising energy prices, which have increased by over 25% since the U.S.-Israeli conflict with Iran began [4] - This proposed release is more than double the 182 million barrels released in 2022 following Russia's invasion of Ukraine, but analysts consider it insufficient to address prolonged supply losses from the Middle East conflict [5] Group 4: U.S. Oil Inventory and Infrastructure Impact - A U.S. government report indicated that crude oil stockpiles increased more than expected, while gasoline and distillate fuel stocks dropped more than anticipated [6] - ADNOC has shut down its Ruwais refinery due to a fire caused by a drone strike, highlighting ongoing disruptions in energy infrastructure linked to the U.S.-Israeli war on Iran [6]