Oil prices climbed above $100 (€86) per barrel on Thursday, March 12th as Iran’s fresh attempts to hit supplies in the Middle East and threats to bring down the global economy overshadowed a record release of strategic crude by the International Energy Agency (IEA).
The IEA announced on Wednesday, March 10th that its member states had agreed to release 400 million barrels of oil from their strategic reserves, marking the largest coordinated release in the agency’s history.
Despite the move, markets remained volatile as fears grew over the security of energy shipments. The Strait of Hormuz, a crucial maritime route through which roughly one-fifth of the world’s crude oil passes, has effectively been brought to a standstill amid the conflict.
Several incidents reported on Thursday highlighted the fragile situation. Two tankers in Iraqi waters were reportedly struck, while Iraq had already said it would cut oil production due to the crisis. Kuwait and Saudi Arabia also announced output reductions.
Elsewhere in the region, Bahrain reported an attack on fuel tanks, which authorities attributed to Iran. Saudi Arabia said it had intercepted drones headed toward the Shaybah oil field, while drones struck fuel storage tanks at Oman’s Salalah port, forcing a suspension of operations there.
The UK maritime agency also issued an alert saying a container ship near the United Arab Emirates had been hit by an “unknown projectile.”
