Brent futures traded down 88 cents, or 1 percent, ‌at $86.92 a barrel by 0451 GMT

The release would exceed the 182 million barrels of oil that IEA member nations put on the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine

Here are the latest economic events in the Middle East war on Wednesday

US President Donald Trump is under pressure to curb oil prices sent skyrocketing by the war with Iran, but has only limited tools to fix a problem that is shaking the world economy and is politically toxic at home.

Elon Musk's fortune swelled by roughly $500 billion over the past twelve months

The panel will work to safeguard Bangladesh’s economy from potential global disruptions

Brent crude futures traded at $92.46 ​a barrel in the Asia morning, down from highs near $120 on Monday

The heightened rhetoric did little to quell a sharp retreat in crude prices and a rally in global shares

Trump said on Monday in a CBS News interview that he thinks the war against Iran "is very complete" and that Washington was "very far ahead" of his initial four- to five-week estimated timeframe.

Mobile operators have urged the government to ensure priority fuel supply and stable electricity for telecom infrastructure, warning that any possible shortages could disrupt nationwide connectivity.

April delivery has been sought for the cargoes

The interbank exchange rate stood at Tk 122.49 per US dollar, up from Tk 122.43 a day earlier

Current oil stock is enough to meet demand, the minister says after meeting with importers, millers

Brent jumps as much as 29%, WTI surges up to 31%

Brent crude futures were up $24.96 or 27% at $117.65 per barrel at 0451 GMT

AFP examines the volatile movements, including when crude surged to record highs close to $150 per barrel in 2008, before turning negative 12 years later during the Covid-19 pandemic.

The war has blocked the world's most important oil ​artery the Strait of Hormuz which is responsible for 20% of ⁠global oil and LNG supply

The outlook poses a global economic threat and a political vulnerability for US President Donald Trump leading into the midterm elections, with voters sensitive to energy bills and unfavorable to foreign entanglements.

Goldman Sachs said oil prices are likely to exceed $100 per barrel next week if no signs of a solution emerge ​to the severe disruption in flows through the Strait ‌of Hormuz, warning that upside risks to its base‑case forecast are rapidly growing further.

Gold rose on Friday after softer US payrolls data kept hopes of a Federal ‌Reserve rate cut alive, but remained on track for its first weekly decline in five weeks as a stronger dollar kept gains in check.