Oil tops $100 after tanker attacks despite IEA's 400M-barrel release

Oil surged back above $100 a barrel after two fuel tankers were attacked in Iraqi waters, heightening tensions in an already fragile market. Late on Wednesday, Brent futures jumped about 9% to around $100 a barrel, while US West Texas Intermediate rose roughly 8.3% to near $94, as traders weighed the risk of widening supply disruptions amid fast-moving developments in the region.

The International Energy Agency said it would release 400 million barrels from strategic reserves, the largest coordinated release in its history, but market participants questioned whether that would calm prices. Some saw the tanker strikes as a direct response to the IEA move and warned the release may not offset lost flows through the Strait of Hormuz, which handles about 20% of global oil shipments.

Iraq, Iraqi waters

oil, brent, wti, tanker attacks, iraqi waters, iea release, 400m barrels, strategic reserves, hormuz strait, supply disruptions