Frankfurt am Main, Germany (Weltexpress). Oil prices are rising rapidly. The price of WTI, Brent and others has risen to over $115 following the attack by the USA, Israel and others on the Islamic Republic of Iran. North Sea Brent rose to almost $120 on Monday night. Currently, this oil price is well above $100.
Oil prices for WTI, Brent and others have been rising since December 2025, when it became clear to experts and critics that the cold war against Iran would continue with a hot one, and they literally exploded at the end of February and beginning of March 2026. According to media reports, the Group of Seven (G7), which sometimes also meets as the G6, would not make support purchases, but rather support sales. In other words, the G7 wants to throw its oil reserves onto the market. This is to be done by the International Energy Agency (IEA).
The organisation is headquartered in Paris and is considered anything but neutral. Large countries such as the Russian Federation and the People’s Republic of China are not members. The People’s Republic of China is considered an associate state, like ten others, in addition to the current 31 member states, led by the USA. IEA member states hold oil reserves for emergencies.
The Financial Times reports that the US considers a joint release of 300 to 400 million barrels to be appropriate and important. This would bring 25 to 30 per cent of the 1.2 billion barrel reserve onto the market.
Through the US’s war with the State of Israel and others against Iran, the US is bringing over 80 per cent of the oil produced and traded under its control, so that this raw material must be paid for in dollars. In other words, the US is strengthening the petrodollar.
