Global Oil Markets Experience Major Upward Surge

Oil prices have again topped $100 per barrel, as widespread Iranian attacks on Middle Eastern energy facilities overshadowed a vast release of government reserves.

The price of Brent crude, the international benchmark, rallied by 9% to $100.29 per barrel on Thursday, despite efforts by governments across the world to allay fears of a sustained supply crunch.

In a bid to calm concerns over oil supplies, the International Energy Agency (IEA) ordered the largest release of government reserves in its history on Wednesday, when its 32 members unanimously agreed to release 400m barrels of emergency crude.

However, fresh violence across the Middle East – and signs that Tehran was deliberately targeting sites – heightened apprehension around ongoing disruption in global energy markets.

As prices resumed their rise, Iran's military command goaded the US, warning of a potential oil price surge to $200 a barrel.

The West Texas Intermediate price of US crude also climbed back towards $100 early on Thursday, rising 8.6% to $94.75 per barrel.

Leading stock markets in Asia came under pressure, with the Nikkei 225 dropping 1.6% in Japan while the Kospi fell 1.2% in South Korea.