Oil tops $100 again despite historic release of reserves
March 12, 2026 08:38 am
Oil prices surged past $100 per barrel again overnight, 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 the International Energy Agency’s member countries unanimously agreeing earlier on Wednesday to release a record 400 million barrels of oil into the global market.
Brent crude, the global oil benchmark, hovered around $100 a barrel late Wednesday, an 8.7% increase for the day. Meanwhile, WTI, the US benchmark, also soared 8.7% to $94.8.
Source: CNN
- Agencies
