What’s happening with oil?

After reaching $120, the G7 announced the release of 400 million barrels to curb prices.
The result: a 20% drop, but it’s just a patch.
The US-Iran war has blocked the Strait of Hormuz, through which 20% of the world’s oil passes, and has halted production in Iraq, Kuwait, and Iran, creating a daily deficit of 20 million barrels.
That release would barely cover one month of global consumption.
Possible scenarios:
-If there is a ceasefire, prices will fall, but the inflationary impact will continue to pressure until it normalizes again.
-If not, the G7 will run out of reserves and prices will skyrocket, causing a global energy crisis.