Oil rises above $101 per barrel despite record reserve release

Energy markets remain under pressure

Global oil prices climbed above $101 per barrel on Thursday, even after a major effort by the International Energy Agency to stabilize energy markets.

The agency announced that its 32 member countries had agreed to release 400 million barrels of oil from emergency reserves. The move represents the largest coordinated release of strategic oil reserves in history.

However, the announcement did not ease market concerns. Traders continued to worry about disruptions to global oil supplies, particularly shipping through the Strait of Hormuz.

Brent crude surges sharply

Prices for Brent crude rose nearly 20 percent following the news. As of 0200 GMT, Brent crude traded close to $101 per barrel.

The benchmark has now increased by more than **38 percent compared with levels recorded before the war involving Iran began.

Strategic reserves released to calm markets

Energy officials hope the large reserve release will increase supply and reduce price volatility. The coordinated action aims to reassure markets and prevent shortages caused by geopolitical tensions in the Middle East.

Nevertheless, investors remain cautious. Ongoing concerns about the security of major oil transport routes continue to drive prices higher despite the unprecedented intervention.
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