<2> Global Oil Prices Soar Amid Iran War Fears
<3> Crude Hits $100 Per Barrel Again As Strategic Oil Reserve Release Plan Fails To Calm Iran War Fears
<4> Oil prices have surged to over $100 per barrel as concerns about supply disruptions caused by the escalating tensions in the Middle East continue to weigh on the market. The coordinated global effort to release 400 million barrels of oil from strategic reserves worldwide failed to ease fears about the potential impact of a war between Iran and other nations.
<5> The price of Brent crude, the global benchmark, has reached its highest level since 2014, while the US West Texas Intermediate (WTI) crude has also surpassed $100 per barrel. The surge in oil prices has been driven by concerns about the potential disruption to global oil supplies, as well as the impact of a war on the global economy.
<6> The release of oil from strategic reserves was intended to calm fears about supply disruptions, but it appears to have had little impact on the market. The move was coordinated by the International Energy Agency (IEA), which represents 29 countries, including the US, China, and Japan.
<7> The IEA has warned that a war between Iran and other