Oil prices jump over 6% despite IEA move to release 400 million barrels of crude amid US-Iran war; Brent back above $90

Crude oil prices continued to boil in Wednesday’s evening session as traders showed little regard for the International Energy Agency’s decision on 11 March to release the largest volume of emergency oil reserves in its history in an effort to counter the supply disruption caused by the closure of the Strait of Hormuz.

Brent crude futures jumped 6% to the day’s high of $93 per barrel, while West Texas Intermediate futures showed a similar gain of 6.6% to hit $88.90 per barrel.