G7 countries are "buying" time:

Last night, the Financial Times reported that G7 countries are considering releasing oil reserves, potentially up to 400 million barrels, as oil prices surge.
This has caused prices to drop nearly -20% in an effort to buy time, but how long can this last?
G7 countries have crude oil reserves of about 1.2 billion barrels, equivalent to the amount of oil transported through the Strait of Hormuz over approximately 60 days.
400 million barrels of oil could supply enough oil for about 20 days through the Strait of Hormuz.
But that comes with a risk. If the war continues after these reserves are depleted, the world will face an unprecedented energy crisis.
In our view, Trump is trying to "buy" a few more weeks.