Massive Oil Stockpile Release; Iran Market Volatility

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The International Energy Agency is proposing a release of emergency oil reserves, according to a person with knowledge of the matter, as governments seek to contain a spike in energy prices driven by the Middle East war. It was not immediately clear whether the IEA proposal was formal and included specific amounts for member nations. While countries have so far agreed in principle to inject more oil into the market if needed, it is not evident that all believe that the situation is yet urgent enough to make that move. The person, who asked not to be named because discussions are not public, did not provide a figure. The Group of Seven nations said on Wednesday that they supported, in principle, “proactive measures” including the release of strategic reserves, though they did not provide details on the scale of a potential intervention. 2) Energy markets whipsawed for a second consecutive day as investors raced to interpret rapidly shifting comments from the Trump administration over the war in Iran. Oil prices plummeted after Energy Secretary Chris Wright erroneously posted — and then deleted — a message that the US Navy had escorted an oil tanker through the Strait of Hormuz. White House Press Secretary Karoline Leavitt subsequently conceded no such operation had occurred, while adding the US military was “drawing up additional options” to address any attempt by Iran to constrain trade through the vital artery. Later Tuesday, President Trump posted his own flurry of messages on social media. First, he insisted the US had “no reports” of mines being placed, but then urged Iranian forces to remove any explosives they may have laid. 3) Oracle Corp. shares gained in extended trading after the company posted strong results and gave an outlook that suggested there is little letup in demand for AI computing. Revenue in Oracle’s closely watched infrastructure business increased 84% to $4.9 billion in the period ended Feb. 28, the company said Tuesday in a statement. That marked a faster jump than the 79% anticipated by analysts and a 68% sales rise in the previous quarter. The company is working to deliver on massive cloud infrastructure contracts with customers like OpenAI and Meta Platforms Inc. Known for its namesake database software, Oracle has found success with its cloud business by providing chip-filled data centers and other equipment for training and deploying AI models.See omnystudio.com/listener for privacy information.