Oil prices top $100/bbl as supply concerns worsen amid escalating US-Iran war: Can they cross $130 mark soon?
US-Iran war: Crude oil prices surged past the $100 a barrel mark on Thursday, March 12, as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz, overshadowing the International Energy Agency’s (IEA) decision to release 400 million barrels of crude stocks.
The global benchmark Brent Crude climbed as much as 10.5% to $101.59 a barrel, while West Texas Intermediate jumped to nearly $96 in a fresh jolt to the global markets and world economy. Brent crude prices had touched almost $120 earlier this week.
