2026-03-11
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Oil prices continue to swing.
What options are there to steady the prices?
You draw down these sanctioned barrels.
That buffer is the first to go and then there are non-sanctioned barrels and then you have the strategic reserves which should be held
as your sort of last resort.
Welcome to World Business Report from the BBC World Service.
I'm Sam Fenwick.
It's been another busy day for oil markets.
Prices started the day at $90 a barrel.
It climbed to $94 before falling to around $81 amid mixed signals from Washington.
And the International Energy Agency has been meeting to consider whether releasing emergency reserves could help stabilise the market.
So a series of events today, Tuesday, has led to big swings in the oil price.
There's been confusion over whether the US Navy had escorted a tanker through the Strait of Hormuz,