Brent Crude Hits $100/Barrel Before Retreating Early Thursday

MT Newswires Live03-12 16:17

Oil prices soared more than 8%, with Brent crude reaching $100 a barrel early Thursday before retreating amid continued volatility due to the ongoing US-Israel war with Iran.

Brent was last up 5% at $96.70 per barrel, while West Texas Intermediate rose 4.7% to $91.35.

Oil prices have remained elevated even as the International Energy Agency agreed Wednesday to release record crude reserves amid concerns around supply disruptions caused by the war.

"Oil reserve release is a temporary measure, and only military de-escalation can drive crude sustainably lower," ING Bank said in a Wednesday report. "The IEA move might be sending a hidden signal to markets of few expectations for an imminent ceasefire."

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