Web Desk | London, United Kingdom Global oil prices surged sharply on Thursday, with crude rising nearly 10% in a single day despite the announcement of a large strategic reserve release aimed at stabilizing energy markets.
Brent crude oil climbed above $101 per barrel, marking one of the strongest daily increases in recent months amid escalating geopolitical tensions in the Middle East.
According to international market data, Brent crude gained $9.29 to reach $101.3 per barrel, while West Texas Intermediate crude rose $9.02 to $96.27 per barrel.
Energy analysts say the surge reflects growing fears of supply disruptions as tensions intensify between United States, Israel and Iran.
The International Energy Agency warned that the ongoing conflict could significantly disrupt global oil supply chains, placing additional pressure on already volatile energy markets.
In response to the crisis, the agency recently announced plans to release 400 million barrels of oil from strategic reserves in an effort to stabilize global prices and ease supply concerns.
However, despite the historic intervention, oil prices continued to climb, indicating persistent market anxiety over potential disruptions to shipping routes and production in the region.
Energy experts note that the Middle East remains a critical hub for global oil supply, and any escalation in conflict could further push energy prices higher and impact global economic stability.
