Oil Nears $100: Hormuz Attacks Ignite Market Fears Despite IEA Reserve Release

• Brent crude surged nearly 7% to $99.5, WTI over 8% to $94.36, pushing oil prices near $100 per barrel.
• The spike followed multiple attacks on commercial vessels near the Strait of Hormuz, a critical global oil shipping route.
• This occurred despite the International Energy Agency (IEA) announcing a record release of 400 million barrels from emergency reserves.
• Attacks included three commercial ships and two fuel tankers reportedly struck by an Iranian boat, escalating US-Iran tensions.
• Analysts warn the IEA release may only partially offset a potential 20 million bpd supply shock if the Strait of Hormuz is disrupted.