Global Oil Prices Surge Past $101 per Barrel Despite Planned Release of Strategic Reserves
ISLAMABAD — Global crude oil prices surged sharply, climbing by nearly 10 percent in a single day and pushing benchmark oil prices above $101 per barrel despite plans to release large strategic reserves into the market.
According to international market data, the price of Brent Crude rose by $9.29 to reach $101.3 per barrel, while West Texas Intermediate (WTI) increased by $9.02, reaching $96.27 per barrel.
Energy analysts say the sharp rise in prices is largely driven by growing geopolitical tensions in the Middle East, which have put significant pressure on global energy markets.
The International Energy Agency warned that escalating tensions involving the United States, Israel, and Iran have raised concerns about potential disruptions to oil supplies, contributing to the sudden spike in prices.
In an effort to stabilize markets, the International Energy Agency had earlier announced plans to release 400 million barrels of oil from strategic reserves. However, despite the move, global oil prices continued to rise, indicating persistent uncertainty in the energy market.
