Oil price tops $100 again as Iran strikes economic targets across Middle East

"Oil prices again topped $100 per barrel on Thursday as widespread Iranian attacks on Middle Eastern energy facilities overshadowed a vast release of government reserves. As Donald Trump vowed to finish the job and press ahead with the US-Israel war on Iran, the country's regime stepped up retaliatory strikes on economic targets across the region."

"Several merchant ships were struck in and around the strait of Hormuz, one of the most important arteries in global trade. Three crew members aboard one of the ships the Thai-registered Mayuree Naree were believed to be trapped, the vessel's owner said. Meanwhile, Iraq halted all operations at its oil ports after an attack on two nearby oil tankers."

"In a bid to calm concerns over oil supplies, the International Energy Agency (IEA) ordered the largest release of government reserves in its history on Wednesday, when its 32 members unanimously agreed to release 400m barrels of emergency crude. This record release was swiftly eclipsed, however, as fresh violence across the Middle East heightened apprehension around ongoing disruption in global energy markets."

Oil prices surged to over $100 per barrel following widespread Iranian attacks on Middle Eastern energy infrastructure and merchant vessels in the Strait of Hormuz. Multiple ports across the region suspended or restricted operations, including Iraq halting all oil port activities and Oman relocating vessels from its main export terminal. Despite the International Energy Agency releasing 400 million barrels of emergency crude—the largest reserve release in its history—market concerns persisted due to ongoing regional violence and deliberate targeting of economic sites. Brent crude rallied 9% to $100.29 per barrel, marking its highest level in four years amid escalating US-Israel tensions with Iran.

Read at www.theguardian.com