{"id":133953,"date":"2026-03-12T07:02:52","date_gmt":"2026-03-12T07:02:52","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/oil-price-surges-back-to-about-100-as-explosions-reported-on-two-more-foreign-ships-in-gulf\/"},"modified":"2026-03-12T07:02:52","modified_gmt":"2026-03-12T07:02:52","slug":"oil-price-surges-back-to-about-100-as-explosions-reported-on-two-more-foreign-ships-in-gulf","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/oil-price-surges-back-to-about-100-as-explosions-reported-on-two-more-foreign-ships-in-gulf\/","title":{"rendered":"Oil price surges back to about $100 as explosions reported on two more foreign ships in Gulf"},"content":{"rendered":"

Oil prices continued to rise on Thursday despite major countries agreeing to release a record amount of oil from their emergency reserves as they try to curb the impact of the Iran war.<\/strong><\/p>\n

Brent crude rose by over 9% in Asian trading to top $100 ($74.79) a barrel even after all 32 members of the International Energy Agency (IEA) said they will release 400 million barrels of oil in response to supply concerns.<\/p>\n

On Wednesday, Iran warned that oil could reach $200 a barrel as its attacks on ships intensify in the Strait of Hormuz, a key waterway for energy shipments.<\/p>\n

An Islamic Revolutionary Guard Corps (IRGC) spokesperson said any vessel linked to the US, Israel or their allies will be targeted.<\/p>\n

\u201cYou will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,\u201d they added.<\/p>\n

\u201cThe price of oil depends on regional security, and you are the main source of insecurity in the region.\u201d<\/p>\n

The narrow shipping route is crucial to the global economy as about a fifth of the world\u2019s energy supplies usually passes through it.<\/p>\n

IEA members represent around two thirds of global energy production and consumption.<\/p>\n

The release of reserves is more than double the previous IEA record, which came after Russia\u2019s invasion of Ukraine in 2022.<\/p>\n

The IEA\u2019s decision is \u201chistorically significant\u201d but is only a \u201ctemporary buffer\u201d, said Martin Ma from the Singapore Institute of Technology.<\/p>\n

Oil prices will stay high as long as there is a risk to supplies and latest jump suggests that traders are still expecting a \u201cprolonged\u201d disruption, he added.<\/p>\n

Global oil markets have been extremely volatile since the US and Israel launched airstrikes against Iran on 28 February, with Brent crude reaching almost $120 a barrel earlier this week.<\/p>\n

That has pushed up fuel prices have around world.<\/p>\n

In the US, the average price of petrol rose above $3.50 a gallon on Tuesday, according to the American Automobile Association.<\/p>\n

Many countries in Asia, which are heavily reliant on energy from the Middle East, have been hit particularly hard.<\/p>\n

Long queues were seen at petrol stations in the Philippines, Thailand and Vietnam this week as people raced to fill up with fuel.<\/p>\n

Thai authorities have called for staff at most government agencies to work from home to conserve energy. Officials are also being discouraged from non-essential overseas travel.<\/p>\n

The Philippines has also started a four-day work week for its government to help cut down on energy use.<\/p>\n

The post Oil price surges back to about $100 as explosions reported on two more foreign ships in Gulf<\/a> appeared first on KBC Digital<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Oil prices continued to rise on Thursday despite major countries agreeing to release a record amount of oil from their emergency reserves as they try to curb the impact of the Iran war. Brent crude rose by over 9% in Asian trading to top $100 ($74.79) a barrel even after all 32 members of the […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-133953","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/133953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=133953"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/133953\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=133953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=133953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=133953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}