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Brent crude oil tops $100 a barrel as Iran attacks on shipping worsen supply concerns
The International Energy Agency's 400 million barrel release aims to ease a 20 million barrel daily shortfall, but delays in delivery and distribution raise market doubts.
- On Wednesday the International Energy Agency said its 32 member countries would release 400 million barrels, while Brent crude traded around $99.1.
- Traders noted the release covers only part of the shortfall, closing up to a quarter of the 20 million barrels per day supply gap caused by Strait of Hormuz disruptions, signaling the war may not end soon.
- Pavel Molchanov estimated it could take 60 days for oil to reach the market, citing delays due to separate national stockpiles and logistical constraints, with shipments possibly beginning next week.
- Traders remain skeptical that announced releases will calm markets as prices rise, reflecting doubts that releases will bridge the gap if Strait of Hormuz flows stay disrupted, with one-fifth of global oil supply at risk.
- The United States announced a 172 million-barrel SPR release starting next week, with shipments taking roughly 120 days and delays expected from separate stockpiles and logistics.
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24 Articles
24 Articles
Associated Press News+14 Reposted by 14 other sources
Brent crude oil tops $100 a barrel as Iran attacks on shipping worsen supply concerns
The price of a barrel of Brent crude oil, the international standard, has topped $100 a barrel again just days after it spiked near $120.
·United States
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Coverage Details
Total News Sources24
Leaning Left4Leaning Right5Center12Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 19%
C 57%
R 24%
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