The oil reserve release barely offsets the disruption: The US and its allies just announced that 572 million barrels of crude oil reserves will be released. This is ~30% of total reserves held by the US and IEA countries. Currently, ~20 million barrels of DAILY crude oil supply have come to a halt in the Strait of Hormuz. This means that the 572 million barrel release will only cover ~29 days worth of supply from the Strait of Hormuz. Meanwhile, today marks the 13th day of the Iran war, meaning the equivalent of ~260 million barrels of Strait of Hormuz supply has already been halted. In other words, the recent release only covers an additional ~16 days worth of supply from Hormuz, while WSJ reports that President Trump may extend the war another month. This is why oil prices are "ignoring" the reserves news.(The Kobeissi Letter)