International Energy Agency proposal for record oil reserves release fails to lift prices above $90 as traders weigh conflicting signals from the Trump administration and persistent bottlenecks in the Strait of Hormuz.

Prices initially rose in European trade on hopes of increased supply but retreated as shipping constraints in the critical Middle East chokepoint and Trump administration policy uncertainty created supply concerns. French President Emmanuel Macron will convene G-7 leaders to address the energy crisis stemming from the Middle East conflict, according to his office.

The IEA's plan to tap strategic reserves represents a significant intervention, yet market skepticism persists due to unresolved logistical hurdles and geopolitical volatility. Macron's G-7 summit underscores the urgency of coordinated global action, though immediate price relief remains elusive as fundamental supply-demand dynamics continue to dominate investor sentiment.