Crude prices spiked by nearly 7% in early trading hours of Asian markets on Thursday, reflecting growing concerns among investors that strategic oil reserves will not fully counteract the severe supply disruptions caused by escalating conflict in the Middle East. WTI futures climbed 7.5% while Brent neared the $100 mark, following unprecedented actions by the International Energy Agency (IEA).
As of 8:52 local time in Bangkok (GMT+7), the international benchmark Brent crude rose 6.73% or $6.19 to $98.17 a barrel. Meanwhile, the U.S. West Texas Intermediate jumped 6.65% or $5.80 to $93.05 per barrel. The price gains came even after the International Energy Agency moved to stabilize markets with its largest emergency crude release to date.
According to the IEA, its 32 member nations will jointly release 400 million barrels from strategic reserves, a level of coordinated action not seen since the organization’s inception in response to the 1973 oil crisis.
Market anxieties intensified following reports of security incidents in the region. Authorities confirmed that two foreign-operated oil tankers suffered attacks in Iraq’s al-Faw port. Emergency responders evacuated 25 crew members, though at least one fatality was reported as crews attempted to contain ongoing fires.
Meanwhile, regional Gulf states including Kuwait, Qatar, the United Arab Emirates, and Saudi Arabia reported intercepting additional Iranian missiles and drones.
