"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."
"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.' This statement underscored the escalating geopolitical tensions and their direct impact on energy markets."
"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. Oman ordered 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."
Global oil prices experienced significant volatility, with Brent Crude climbing to $101.30 per barrel, a 10% single-day increase driven by geopolitical tensions related to Iran. The International Energy Agency announced plans to release 400 million barrels from strategic reserves, while the U.S. committed 172 million barrels from its Strategic Petroleum Reserve. These interventions initially stabilized prices around $90 after they had surged to nearly $120, the highest level since 2022. However, prices resumed climbing as tensions escalated. West Texas Intermediate also jumped 8.7% to nearly $95 per barrel. The surge was triggered by Oman evacuating vessels from a key export terminal following tanker attacks in Iraqi waters, intensifying concerns about maritime security and potential supply disruptions through critical Gulf shipping corridors.
#oil-price-surge #geopolitical-tensions #iran-conflict #strategic-petroleum-reserves #maritime-security
Read at London Business News | Londonlovesbusiness.com
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