"Oil prices initially shot more than 9% higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz. The U.S. campaign of airstrikes in Iran is now in its 13th day. U.S. benchmark crude oil jumped 6.5% to about $93 a barrel. Brent, the international standard, was trading 6.6% higher at about $98 per barrel."
"Iran has escalated its attacks aimed at generating enough global economic pain to pressure the United States and Israel to end the war. Iran has targeted oil fields and refineries in Gulf Arab nations and effectively stopped cargo traffic through the narrow Strait of Hormuz, through which a fifth of all traded oil passes."
"In response, the International Energy Agency agreed Wednesday to release 400 million barrels of oil, the largest volume of emergency oil reserves in its history, in a bid to counter the supply disruptions and stabilize global energy markets."
Brent crude oil briefly topped $100 per barrel early Thursday following Iranian attacks on commercial shipping in the Strait of Hormuz and escalating U.S. airstrikes now in their 13th day. Oil prices surged over 9% initially, with U.S. benchmark crude jumping 6.5% to approximately $93 per barrel and Brent trading 6.6% higher at about $98 per barrel. Iran has intensified attacks on Gulf Arab oil fields and refineries while disrupting cargo traffic through the Strait of Hormuz, through which one-fifth of global traded oil passes. The escalation aims to generate economic pressure on the United States and Israel. In response, the International Energy Agency agreed to release 400 million barrels from emergency reserves, marking the largest emergency oil release in its history.
Read at www.independent.co.uk
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