Brent Oil Surges Past $100 Amid Tanker Attacks in Iraq

Brent crude oil prices rose above $100 per barrel after reports of attacks on two oil tankers in the northern Gulf near the Iraq-Kuwait border, which heightened concerns about potential supply disruptions in the Middle East. Prior to this spike, Brent crude was trading at $97.74 per barrel, up from a previous close of $91.68.

Similarly, the U.S. benchmark West Texas Intermediate (WTI) climbed to $93.07 per barrel from $87.41. The attacks, which occurred in Iraqi territorial waters, resulted in at least one confirmed death and were labeled a "cowardly act of sabotage" by Lt.

Gen. Saad Maan of the Iraqi security media cell.

In response to rising prices and supply concerns, the International Energy Agency (IEA) announced the release of approximately 400 million barrels from strategic oil reserves, the largest in its history. Additionally, the U.S.

Department of Energy plans to release 172 million barrels from its Strategic Petroleum Reserve over the next 120 days, with expectations to replenish within a year.