Oil prices resumed their climb this Tuesday morning, once again driven by developments in the mounting military escalation in the Middle East and by ongoing supply disruptions, despite the planned release of strategic reserves, as Asian stock markets opened with strong gains.
The Brent crude benchmark for the North Sea rose 2.04% to 104.88 dollars per barrel, after losing 2.84% on Monday. During early Asian trading, the West Texas Intermediate (WTI) benchmark, used for U.S. crude, gained 2.05% to 95.41 dollars per barrel, following a 5.28% drop the previous day.
The International Energy Agency (IEA) has reiterated that it stands ready to unlock additional strategic crude reserves “if necessary,” building on its recently announced plan to release 400 million barrels worldwide, while Japan has already begun drawing on its own strategic stockpiles.