Trump's EU Oil Release May Not Avert Fuel Crisis Amid Middle East Tensions

Recent attacks on oil tankers and refineries in the Middle East have heightened concerns about global energy security. On Saturday, a projectile struck a Kuwaiti oil tanker in the Persian Gulf, forcing the rescue of five Indian seamen. A day earlier, another vessel was hit, causing a small fire but ultimately continuing on its journey through the Strait of Hormuz.

The volatility in the energy market is not limited to these incidents. On Friday, a Houthi drone attacked a Saudi Aramco refinery at Riyadh, with the extent of the damage still unclear.

In response, US President Donald Trump has successfully pressured the European Union to release 100 million barrels of petroleum from its reserves over four months. The goal is to ease gasoline and diesel prices ahead of the midterms, but this move may not have a significant impact on the market.