Global oil prices climbed above $101 a barrel on Thursday despite a record release of emergency reserves announced by the International Energy Agency (IEA), as markets remained concerned about supply disruptions in the Middle East.
According to reports, futures for Brent crude, the international oil benchmark, surged nearly 20 percent, with prices trading near $101 per barrel around 0200 GMT.
The increase comes as shipping through the Strait of Hormuz, a key global energy transit route, remains severely disrupted amid the ongoing conflict involving Iran.
Despite efforts to stabilise markets, the price of Brent crude has risen more than 38 percent compared with levels recorded before the start of the war.
In an attempt to ease market volatility, the International Energy Agency announced that its 32 member countries had unanimously agreed to release 400 million barrels of oil from strategic reserves. The move represents the largest coordinated emergency release of oil reserves in history and is aimed at stabilising global energy supplies during the crisis.