Brent Crude Hits $106/Barrel; Japan Releases Strategic Petroleum Reserves

Brent crude surged to $106 per barrel on March 17, a 50% increase since the war began, as the effective Hormuz closure continues to strangle global supply. Japan joined the IEA's 32-nation coordinated release of 400 million barrels from strategic reserves. Analysts warn reserves cover only 20 days of normal Hormuz flow at 20M bbl/day. California gasoline prices exceeded $5/gallon.