Crude oil prices surged past $100 per barrel early Thursday as Brent crude briefly crossed the psychological threshold — reaching $100 at 7:00 a.m. local time in Greece — before retreating to around $98. By 3:00 a.m. Greek time, Brent crude from the North Sea was up 7.2% at $98.60, while U.S. benchmark West Texas Intermediate (WTI) rose 6.5% to $92.96, with upward momentum continuing.
Strategic Reserves Release Fails to Calm Markets
A coordinated international release of strategic oil reserves — announced yesterday by the 32 member countries of the International Energy Agency (IEA) — failed to reassure investors. The plan calls for 400 million barrels to enter global markets, marking the largest such release in history. The United States will begin releasing 172 million barrels progressively starting next week, a process expected to last approximately 120 days, according to U.S. Energy Secretary Chris Wright.
Japan said it will begin tapping its strategic reserves starting Monday. Germany confirmed similar plans but did not specify a timeline.
Escalating Regional Conflict Adds Pressure
With the Middle East conflict now entering its 13th day, Iran has signaled readiness for a protracted war of attrition. Tensions are further heightened by hostilities near the Strait of Hormuz — a critical chokepoint through which over 20% of globally seaborne-traded oil and liquefied natural gas passes.
A recent attack on two tankers off Iraq’s coast killed at least one sailor, according to authorities in Baghdad — underscoring the growing risks to maritime energy supply routes.
Tehran also declared this week that it would not allow “a single liter” of oil to be exported from the region to “the hostile camp and its allies” until further notice.
Markets React Across Asia
Equity markets reflected the strain: Tokyo’s Nikkei index extended losses by more than 2%, while South Korea’s KOSPI fell nearly 1%.