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Thu, 12 Mar 2026

Thu, 12 Mar 2026 Oil price jumps despite deal to release record amount of reserves

It comes as Iranian attacks on ships intensify in the crucial Strait of Hormuz waterway.

* Brent crude rose by almost 9% to top $100 a barrel despite major countries agreeing to release a record amount of oil from their emergency reserves.
* Iran's attacks on ships in the Strait of Hormuz have intensified, with an Islamic Revolutionary Guard Corps spokesperson warning that vessels linked to the US, Israel or their allies will be targeted.
* The IEA announced it will release 400 million barrels from its emergency reserves, a record amount that is more than double the previous IEA record set after Russia's invasion of Ukraine in 2022.
* Oil prices are expected to remain high as long as there is a risk to supplies, with some analysts predicting that oil could reach $200 a barrel.
* The global economy is being affected by the conflict, with fuel prices rising around the world and many countries implementing measures to conserve energy.
* In the US, the average price of petrol rose above $3.50 a gallon on Tuesday, while in Asia, long queues were seen at petrol stations in the Philippines, Thailand, and Vietnam this week.