Price per Barrel reaches highest point in four years

The price per barrel recently reached its highest point in four years, clocking in at $126 per barrel. Prior to the war, Brent crude was trading at only $73 per-barrel. The U.S. Department of Energy has released 17.5 million barrels from the Strategic Petroleum Reserve since March. This coincides with the U.S.’s plan to release a total of 400 million barrels of crude oil globally to address energy disruptions amid the current war. The U.S. works closely with allies to address shortages in their own strategic reserves, especially with Western European NATO states.