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Why Crude Oil Surpassed $100 Even After IEA's Massive Strategic Reserve Release
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Oil Soars Past $100: Iran-US War, Strait of Hormuz Choke Undermine IEA Release
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News18
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12-03-2026, 08:22
Oil Soars Past $100: Iran-US War, Strait of Hormuz Choke Undermine IEA Release
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Brent crude oil futures jumped 7% to cross $100 per barrel, WTI Crude touched $94, despite IEA's 400 million barrel strategic reserve release.
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Major factor for surge: complete choke of tankers at the Strait of Hormuz due to the ongoing Iran-US war.
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Analysts believe IEA's oil release won't address the disruption of refined products like Jet Fuel flowing through the Strait of Hormuz.
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Concerns over a prolonged Iran-US war, with Iran's demands for a ceasefire unlikely to be met, are outweighing IEA's decision.
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US President Donald Trump welcomed IEA's move and indicated the US could release 172 million barrels from its Strategic Petroleum Reserve (SPR).
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