[ad_1]
Global oil prices surged past $100 a barrel late on Wednesday as fears of supply disruptions linked to the conflict in Iran continued to unsettle markets.
The international benchmark, Brent Crude, climbed to $101.30 per barrel, rising more than 10% in a single day despite coordinated efforts by governments to calm the markets through emergency oil releases.
The International Energy Agency confirmed plans to release 400 million barrels from strategic petroleum reserves, while Donald Trump pledged that the U.S. would contribute 172 million barrels from its Strategic Petroleum Reserve.
Meanwhile, Ebrahim Zolfaqari, spokesperson for Iran’s military command, warned: “Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised.”
Initially, this intervention eased market anxiety, with Brent briefly stabilising around $90 a barrel after surging to nearly $120, its highest level since 2022. However, prices resumed their upward trend as geopolitical tensions intensified.
The U.S. benchmark, West Texas Intermediate, also jumped sharply, rising to almost $95 a barrel, an increase of more than 8.7% in just 24 hours.
According to Bloomberg, this latest surge was triggered by Oman ordering the evacuation of vessels from a key oil export terminal after two tankers were attacked in Iraqi waters, raising fresh concerns about the security of global energy shipping routes.
The renewed rally underscores investor fears that escalating attacks on shipping and energy infrastructure across the Gulf could further disrupt supplies moving through the region’s critical maritime corridors.
[ad_2]
Source link
