Emergency oil reserves could be tapped - but few would bet on prices falling

This can be of little surprise of course when millions of barrels of crude oil are shut in to the Gulf, and most Gulf countries are now reporting a slowing of their production at best, and at worst force majeure shutdowns - a clause freeing them from liability for failure to supply due to events outside their control.

Releasing 300 million barrels of oil will not address all issues. As powerful as the G7 is, China, India, and South Korea remain the key customers for physical supply of Gulf oil and gas. As such, gas tankers from the US that had been bound for Europe are now doing Atlantic U-turns and heading for the Panama canal to deliver to Asia instead.