Oil tops $100 despite record global reserve release
Global oil prices climbed above $100 per barrel on Thursday even after major energy-consuming nations agreed to release a record volume of emergency crude reserves in an effort to calm markets shaken by the Middle East conflict, Qazinform News Agency correspondent reports.
Benchmark Brent crude rose nearly 9% during Asian trading to move past the $100 mark, as traders remained focused on risks to supply linked to disruptions around the Strait of Hormuz, one of the world’s most critical energy corridors.
The International Energy Agency said its 32 member countries had agreed to release 400 million barrels of oil from emergency reserves to stabilize markets.
“The oil market challenges we are facing are unprecedented in scale,” IEA Executive Director Fatih Birol said in a statement announcing the move. He added that coordinated action was needed because energy markets are global and disruptions require a collective response.
The planned release is the largest coordinated intervention in the agency’s history and exceeds previous emergency actions, including the reserve release carried out after the start of the conflict in Ukraine in 2022.
Despite the record intervention, oil markets remained volatile as tensions continued to threaten tanker traffic through the Strait of Hormuz. Around a fifth of the world’s oil supply typically passes through the narrow shipping route, making it a critical artery for global energy trade.
Earlier, Qazinform News Agency reported that Trump announced first new U.S. oil refinery in 50 years.
