Oil Prices Soar Despite Coordinated Global Reserve Release
Brent crude futures, the global benchmark, surged nearly 20%, signaling that the move did little to ease concerns about ongoing disruptions to shipping through the Strait of Hormuz.
As of 0200GMT, Brent was trading around $101 per barrel, representing an increase of more than 38% compared to pre-war levels.
The IEA said the coordinated release of 400 million barrels marks the largest such intervention in history, aimed at stabilizing energy markets shaken by the ongoing conflict in the Middle East.
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