Oil tops $100 again despite historic release of reserves

Oil prices climbed above $100 per barrel again overnight, just three days after reaching a four-year peak. This increase is linked to the ongoing conflict involving the US, Israel, and Iran, which is significantly affecting fuel supplies worldwide. The rise in prices happened even after member countries of the International Energy Agency agreed on Wednesday to release a historic 400 million barrels of oil into the global market. By late Wednesday, Brent crude, the global oil standard, was around $100 a barrel, marking an 8.7% rise for the day. Similarly, the US benchmark, WTI, also jumped 8.7% to $94.8.