Global oil prices continue to rise despite the IEA’s historic release of emergency reserves. Brent crude surged 15% after the announcement of a 400 million barrel release to stabilize prices amid the US and Israel’s war with Iran. Prices sit at about $100 a barrel, up 35% since the war began. The release may offer temporary relief, but analysts warn it won’t solve underlying issues. The Strait of Hormuz remains a key concern, as Iran threatens to block one-fifth of global oil supply. The IEA’s 32 member countries aim to boost output, but constraints limit the impact of the reserve release. The US and Japan plan to release portions of their reserves soon. Traders are cautious, as history shows prices can sharply rise again if supply disruptions persist.
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