Oil Crosses $100/Barrel as IEA Releases 400M Barrels; Pentagon: Week 1 of Iran War Cost $11.3B

The International Energy Agency (IEA) announced that 32 member countries will release 400 million barrels of strategic oil reserves, with the United States and Japan holding the largest shares. The U.S. Department of Energy separately announced it will release 172 million barrels from its Strategic Petroleum Reserve over 120 days starting next week. Oil prices on global markets crossed $100 per barrel again on Thursday morning as the Islamic Republic of Iran intensified attacks on oil tankers and concerns mounted over a potential closure of the Strait of Hormuz. Airlines worldwide have raised ticket prices due to surging fuel costs and disrupted flight routes caused by insecurity across much of Middle Eastern airspace. According to Reuters, jet fuel prices — which were around $85–90 per barrel before the conflict began — have now reached approximately $150–200 per barrel. This sharp increase has forced some airlines to raise ticket prices to offset operating costs. According to The New York Times, in a Pentagon briefing to U.S. lawmakers, it was disclosed that the first week of the war against Iran cost the United States more than $11.3 billion. The Times, citing sources familiar with Tuesday's closed-door session, noted that this figure does not include many costs related to force preparation and pre-attack deployment, meaning the true cost of the first week of war could be significantly higher. Defense officials had previously told Congress that approximately $5.6 billion in munitions were consumed in just the first two days of the conflict — a figure far higher than earlier public estimates.