Crude Oil Hits $100 a Barrel
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2don MSN
Crude hits $100 per barrel again as strategic oil reserve release plan fails to calm Iran war fears
A coordinated global effort to release 400 million barrels of oil from strategic reserves worldwide failed to ease fears about supply disruptions caused by the Iran war.
Brent crude futures, the global benchmark oil price, settled at $100.46 a barrel Thursday, continuing its sharp climb despite efforts to calm fuel markets, including the coordinated release of strategic reserves by the U.
Crude oil prices have surged after the U.S. and Israel attacked Iran, and Iran retaliated with attacks throughout the Middle East. Critical logistical chokepoints have become war zones, heightening supply concerns.
Goldman Sachs forecasts Brent above $100 in March as the Strait of Hormuz stays closed, while the US licenses Russian oil to cool prices.
Brent crude oil prices shot up as the US and Israeli war against Iran disrupted oil supplies in the Middle East. CNN’s Word of the Week asks: How did the benchmark barrel of oil get the name “Brent”?
The U.S. is a net exporter of "crude oil and petroleum products," but in the narrower measure of crude oil by itself — which is the most important factor in determining gasoline prices — the U.S. is a net importer.
Brent crude reached its highest price since Russia invaded Ukraine in 2022. Gasoline prices in the U.S. are expected to continue to rise.
Member countries of the International Energy Agency unanimously agreed Wednesday to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the conflict in the Middle East.
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April WTI crude oil (CLJ26 ) today is up +5.49 (+6.04%), and April RBOB gasoline (RBJ26 ) is up +0.0878 (+3.25%). Crude oil and gasoline prices today are sharply higher after Israel on Saturday bombed 30 Iranian oil depots.