March 12, (THEWILL) — Global oil prices climbed above the $100-per-barrel threshold after attacks linked to Iran heightened fears of supply disruptions in the Middle East, offsetting efforts by the International Energy Agency (IEA) to stabilise markets through a large emergency stockpile release.
Brent crude rose to a high of $101.59 per barrel, while West Texas Intermediate (WTI) climbed to nearly $96 during trading. Both benchmarks had already surged as much as 30 percent earlier in the week, briefly approaching $120 per barrel on Monday before trimming some of those gains as markets reassessed supply risks.
The latest price rally followed reports of attacks on oil tankers and shipping routes in the Gulf region, raising concerns about the safety of vessels passing through the strategically vital Strait of Hormuz. The narrow waterway handles roughly a fifth of global oil shipments, making it a critical chokepoint for energy markets.
In response to escalating tensions and fears of supply shortages, the IEA announced a coordinated release of oil from strategic reserves among its member countries. The move was aimed at easing pressure on global supplies and calming volatile markets.
However, traders appeared more focused on geopolitical risks than on the additional barrels entering the market. Analysts say that while emergency stockpile releases can cushion temporary disruptions, they are unlikely to fully offset prolonged instability in a region that remains central to global energy production and transport.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
