Oil Tops $100 Intraday Despite Release of 400 Million Barrels of Reserves [US–Iran War]

The Financial News, New York City – Correspondent Lee Byung-chul reported that 32 member countries of the International Energy Agency (IEA) agreed to release strategic petroleum reserves after crude prices surged on the war involving the United States of America (US), Israel and the Islamic Republic of Iran, yet international oil prices climbed further instead.
The Islamic Republic of Iran has attacked oil tankers and commercial vessels near the Strait of Hormuz, and as fighting between the sides has intensified, market anxiety has grown. Traders reacted by judging that the planned release of reserves would still fall short of what is needed.
On April delivery contracts, the benchmark Brent Crude Oil futures price briefly jumped to $101.59 per barrel on the morning of the 12th, Korea time. It then eased slightly and traded just below $100 a barrel.
On the 11th local time, the IEA announced that member states would supply 400 million barrels from their strategic petroleum reserves to the market. This is the largest release on record; previously, the biggest drawdown by IEA members was 182 million barrels after Russia invaded Ukraine in 2022. The Republic of Korea will release 22.46 million barrels, while the US will provide 172 million barrels, accounting for 43% of the IEA’s total release.
Earlier, on the 9th, Brent Crude Oil futures had spiked intraday to as high as $119 per barrel, but then plunged 11% to close at $87.80 as optimism grew that the war with Iran might end sooner than feared.
pride@fnnews.com Reporter