The world has been closely watching the situation in the Middle East and its impact on energy markets since late February. U.S. and Israeli airstrikes on Iran have been followed by retaliatory strikes by Iran on several of its neighbors, including crude oil tankers in the critical Strait of Hormuz, causing oil prices to spike. As part of a global response, the U.S. said it would release 172 MMbbl of crude oil from its Strategic Petroleum Reserve (SPR). In today’s RBN blog, we detail the U.S.’s plans, examine how it compares with actions after the Russian invasion of Ukraine in 2022, and show why the reserve could drop to levels not seen since the Reagan administration.
WTI crude oil at Cushing, OK, mostly traded in a $55-$65/bbl range in January and February and settled at $67.02/bbl on February 27, the last trading day before the attacks against Iran began. Prices have moved up steadily since then, reaching as high as $98.71/bbl on March 13 (see Figure 1 below), up 47% from the start of the month, as the prospects for an extended campaign (and disruption to global oil markets) have appeared more likely, especially compared with the brief U.S. military action against Venezuela early this year. By comparison, WTI reached $123.70/bbl in March 2022, not long after the invasion of Ukraine.
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About the song
“Big Time,” written by Peter Gabriel, appears as the fourth single released from his highly successful fifth solo studio album, So. The song was produced by Daniel Lanois and Gabriel and released in February 1987. The tune’s unique bass guitar sound was produced by bassist Tony Levin doing the fingering on the bass guitar while drummer Jerry Marotta hit the strings with his drumsticks, causing a percussive effect. Police drummer Stewart Copeland played drums and P.P. Arnold, Coral Gordon and Dee Lewis sang backing vocals with Gabriel on the cut. The visual style of the “Big Time” video was similar to the one used on the mega hit “Sledgehammer,” utilizing stop-motion claymation by David Daniels. The video was directed by Stephen R. Johnson and produced by Prudence Fenton. “Big Time” was Gabriel's second Top 10 single and went to #3 on the Billboard Album Rock Tracks chart and #8 on Billboard’s Hot 100.
So was recorded at Real World Studios in England and released in May 1986. Daniel Lanois and Peter Gabriel shared production duties on the album. It went to #2 on the Billboard Top 200 Albums chart and became Gabriel's bestselling album to date, certified 5X Platinum by the Recording Industry Association of America.
Peter Gabriel is an English singer, songwriter, musician and record producer who initially rose to fame as the lead singer of British progressive rock band Genesis. After leaving that group in 1975, he has pursued a successful solo career. Gabriel made six albums with Genesis. As a solo artist, he has released 10 studio albums, five live albums, four soundtrack albums, five compilation albums and 46 singles. He has sold more than 16 million records worldwide. He has won eight Grammy Awards, four BMI Awards, three Brit Awards, three Ivor Novello Awards and 13 MTV Video Music Awards. He still records and occasionally tours. His latest single, “What Lies Ahead,” was released on streaming platforms in March. He will continue releasing new songs on days that have a full moon, culminating in all the songs from his next LP, o/i, being released at the end of 2026
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
