Oil prices climb amid IEA reserve pledge
Oil prices rose on Thursday, supported by concerns over supply from the Gulf region amid escalating attacks on oil shipments in the Gulf and the Strait of Hormuz, despite the International Energy Agency’s acceleration of a drawdown of 100 million barrels from strategic oil reserves. Brent futures increased by 2.45% to $102.66 per barrel, while WTI futures rose by 2.16% to $90.19. The increase followed a decrease in U.S. inventories by 3.2 million barrels to 424.1 million barrels, amid growing threats to shipping lanes in the region. This reflects ongoing tensions related to the Iran war and the U.S.-Israel tensions with Iran.
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