Why Oil Prices Jumped Above $100 Despite Record Reserve Release

Oil prices surged above $100 per barrel again in overnight trading as the war involving the United States, Israel, and Iran continues to disrupt global energy supplies.

Brent crude briefly climbed to about $100 before easing to $98.2 early Thursday, a rise of nearly 6.8 percent. West Texas Intermediate also jumped, reaching $94.8 before settling around $92.9, CNN reported.

Oil prices surged once again past $100 per barrel overnight, despite the historic release of reserves as Middle East conflict escalates.

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The spike came even after 32 countries agreed to release a record 400 million barrels of oil from emergency reserves through the International Energy Agency. The report said the move was intended to calm markets worried about supply disruptions.

The Strait of Hormuz remains effectively closed after Iranian attacks on ships attempting to pass through the vital route, which carries roughly one fifth of global oil supply. According to the report, Saudi Arabia and other Gulf producers have begun redirecting shipments and reducing output.

Analysts say uncertainty over the conflict continues to fuel volatility in oil markets.

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tippinsightsTIPP Staff