Mar. 11 at 4:36 PM
Oil prices rose despite a record emergency release of reserves by the International Energy Agency, as escalating tensions in the Strait of Hormuz heightened supply concerns. Brent crude climbed about 4% to
$91.12 a barrel, while U.S. benchmark WTI futures rose nearly 4% to
$86.02.
The IEA announced a historic release of 400 million barrels from member reserves—equivalent to roughly 4–4.5 million barrels per day over two months—to stabilize markets. However, traders remain focused on the risk of major supply disruptions in the Gulf.
Tensions increased after Iran reportedly placed naval mines in the Strait of Hormuz and a cargo ship was struck by a projectile, causing a fire and forcing evacuation. United States Central Command said U.S. forces destroyed 16 Iranian mine-laying vessels in the area.
About 16 million barrels per day of Middle Eastern crude normally transit the strait.
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