Brent crude futures surpassed $100 per barrel as escalating Middle East conflict heightens fears of severe global supply disruptions.
Recent attacks on commercial shipping and energy infrastructure have targeted the Strait of Hormuz. This vital waterway handles approximately one-fifth of the world's oil transport.
The effective closure of the strait forced regional producers, including Kuwait and Iraq, to reduce output as local storage capacity reached its limit.
The International Energy Agency (IEA) authorized the largest-ever release of emergency oil reserves from member countries to counter the price shock.