Oil hits $100 a barrel despite deal to release record amount of reserves
2 days ago
- #Geopolitical Tensions
- #Oil Prices
- #Energy Crisis
- Oil prices rose by almost 9% to over $100 a barrel despite IEA members agreeing to release 400 million barrels from reserves.
- Iran warned oil could reach $200 a barrel due to attacks on ships in the Strait of Hormuz, a key global energy route.
- The IEA's reserve release is the largest ever, but experts say it's only a temporary solution to supply concerns.
- Global oil markets remain volatile, with Brent crude nearing $120 a barrel after US-Israel airstrikes on Iran.
- Rising fuel prices are causing long queues at petrol stations in Asia, leading to energy-saving measures like work-from-home policies.