The ongoing West Asia conflict has been considered the largest oil shock in history, taking off a fifth of the world’s supply that used to transit the Strait of Hormuz daily. Yet, all through this, global crude prices haven’t surged like they did in the previous shocks of 2022 or 2008. One reason has been the International Energy Agency-coordinated action, on March 11, for the release of some 426 million barrels by member countries from their emergency oil stockpiles over a four-month period. This quantity made available to the market has put a lid on crude prices, which settled within $90-110 per barrel in........

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