Global oil prices continued to rise despite a historic release of strategic reserves by the International Energy Agency.
Futures for Brent crude, the international oil benchmark, surged nearly 20 percent after the agency announced plans to release 400 million barrels from strategic reserves — the largest release in history.
However, the move failed to ease market fears over possible disruptions to shipping through the Strait of Hormuz amid the ongoing conflict involving Iran.
As of 2:00 GMT, Brent crude prices were hovering around $101 per barrel, marking an increase of more than 38 percent compared to levels before the start of the war.
