Global Leaders Hesitate on Oil Reserves Amid Middle East Turmoil—At What Cost to America?

In a world increasingly dependent on stable energy supplies, the recent escalation of conflict in Iran has sharply exposed the vulnerabilities of the global oil market. Since February 28, when U.S. and Israeli attacks ignited a widening war that effectively halted tanker traffic through the Strait of Hormuz, oil prices have surged nearly 65%, with Brent crude peaking near $120 per barrel before dropping back toward $90. The instinctive reaction for many might be to unleash emergency oil reserves to stabilize markets and protect consumers. Yet, remarkably, global leaders remain hesitant—notably including the United States, which maintains one of the...