Türkiye to use emergency oil reserves

Türkiye has begun to use its strategic oil reserves in response to surging energy prices triggered by the blockade of the Strait of Hormuz, Energy Minister Alparslan Bayraktar announced.

A total of 11.6 million barrels will be released from the country's emergency stockpiles, Bayraktar confirmed.

The move is intended to curb the sharp rise in energy costs resulting from the ongoing conflict involving Iran, the minister explained.

Earlier, Iran's military command warned global markets to brace for a potential spike in oil prices, suggesting they could reach $200 per barrel following the closure of the strategic waterway.