New York Times: “Oil futures have again topped $100 a barrel — the latest surge after days of wild price swings in the market since the United States and Israel first struck Iran. But this uptick came after the International Energy Agency on Wednesday announced that more than 30 countries would release a record amount of oil from their emergency reserves.”
“Instead of reassuring jittery markets, the news seemed to further spook traders by underscoring how far the world is from reopening trade in the Strait of Hormuz, the narrow waterway and vital trading route that separates Middle Eastern oil producers from their customers. This concern was further reinforced when three ships were attacked in the channel on Wednesday.”
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