Oil jumps above $100 despite record reserve release

Oil prices surged above $100 a barrel despite a global agreement to release a record amount of emergency oil reserves aimed at stabilising markets amid the escalating Middle East conflict.

Brent crude rose sharply in Asian trading, briefly climbing more than 9% to cross the $100 mark before easing slightly later in the day. The increase came even after members of the International Energy Agency (IEA) agreed to release about 400 million barrels of oil from strategic reserves—the largest such release in history.

The move was intended to offset supply disruptions linked to the ongoing conflict involving the United States, Israel and Iran, which has threatened shipments through the Strait of Hormuz, a key route for roughly 20% of global oil supplies.

However, analysts say the reserve release has done little to calm markets, as traders remain concerned about prolonged disruptions to oil exports and attacks on shipping in the region. Prices have already climbed more than 25% since the conflict began, reflecting growing fears of a wider energy crisis.

Energy experts warn that oil prices could remain volatile until shipping through the Gulf stabilises and supply routes are fully restored. (NewsWire)

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