Oil rose above $100 again despite historic release of reserves as war with Iran rages

(John Liu – CNN) Oil prices surged past $100 per barrel again during overnight trade, three days after it hit a four-year high, as the US and Israel’s war with Iran continues to have a historic impact on global fuel supplies. The jump came despite 32 countries, including the US and other developed economies, agreeing earlier on Wednesday to a record release of oil into the global market. Brent crude, the global oil benchmark, hovered around $100 a barrel overnight Thursday before paring some gains to trade at $98.2 at 2:50 am ET, a 6.8% increase. Meanwhile, WTI, the US benchmark, also soared to $94.8 and later fell to $92.9, a 6.5% gain. As the conflict in the Middle East drags on, the Strait of Hormuz – a critical oil shipping route carrying roughly one-fifth of global daily oil production – remains effectively shut with Iran attacking ships trying to transit. – Oil rose above $100 again despite historic release of reserves as war with Iran rages | CNN Business