Oil prices have risen as traders consider an emergency release of crude reserves by wealthy nations to counter disruptions to Middle East supplies. The International Energy Agency announced an unprecedented release of 400 million barrels, surpassing the drawdown following Russia's invasion of Ukraine. The UK is expected to contribute 13.5 million barrels. This comes after the war in the Middle East effectively halted shipping through the Strait of Hormuz and led major Persian Gulf producers to cut output. Despite mixed statements from the White House regarding the status of the war on Iran, US officials have indicated military operations are escalating and there is little chance of diplomatic talks. The conflict in which Saudi Arabia, Iraq, the United Arab Emirates and Kuwait have reduced their collective output by up to 6.7 million barrels a day, or 6% of global output. However, domestic inventories are increasing in the US, with US crude stockpiles rising by 3.8 million barrels last week.