Global oil prices climbed above $101 per barrel on Thursday even after the International Energy Agency announced that its 32 member nations had unanimously agreed to release 400 million barrels of crude from emergency reserves, according to Al Jazeera.
Futures for Brent crude, the international oil benchmark, surged by nearly 20 percent as the announcement failed to calm fears about possible prolonged disruptions to shipping through the Strait of Hormuz.
As of 0200GMT, Brent crude was trading at about $101 per barrel, representing an increase of more than 38 percent compared to prices recorded before the outbreak of the Iran war.
The IEA’s member states agreed to release 400 million barrels from their strategic petroleum reserves in what officials described as the largest coordinated oil release ever undertaken.
The decision was aimed at stabilising global energy markets shaken by the ongoing conflict in the Middle East, the agency’s head said on Wednesday.
