Brent Crude Crosses $100 Per Barrel as International Energy Agency Releases Oil Reserves
Crude oil prices have risen again due to rising tensions in West Asia and the possibility of disruption to shipping in the Strait of Hormuz. Brent crude has surpassed $100 per barrel.
The increasing levels of conflict in the West Asia region are being reflected in the world oil market. On Thursday, the price of crude oil climbed again past the $100 per barrel mark.
The price of the international benchmark crude oil, Brent crude, went up by more than 9 percent and touched the $100.76 per barrel mark. On the other hand, the price of the US benchmark crude oil, the WTI crude, went up by around 9 percent and touched the $95 per barrel mark.
This increase in the price of crude oil comes at a time when the International Energy Agency (IEA) has decided to use oil from emergency reserves to prevent the price of crude oil from going up any higher. On Wednesday, the 32 members of the IEA decided to release 400 million barrels of crude oil from their emergency reserves.
