New Delhi: Global oil markets are once again under pressure as the price of Brent Crude—the key crude oil benchmark closely followed by India—has surged past $100 per barrel. The sharp increase comes amid escalating tensions in West Asia and concerns over supply disruptions after attacks on commercial vessels near the crucial Strait of Hormuz. Earlier in the week, Brent crude had briefly climbed to nearly $120 per barrel, reflecting fears of a major disruption in global energy supplies.
Prices had temporarily eased after Donald Trump suggested that the conflict in the region could soon wind down, offering short-lived relief to global markets. However, renewed attacks and continued uncertainty have once again pushed prices upward. Meanwhile, the US crude benchmark has also risen, reaching around $94 per barrel.
To stabilize the market, the International Energy Agency has announced plans to release 400 million barrels of oil from emergency reserves. At the same time, the United States is preparing to release 172 million barrels from its Strategic Petroleum Reserve. The move follows a high-level meeting of energy ministers from major industrial nations—including Canada, France, Italy, Japan, Germany, and the United Kingdom—held in Paris to explore ways to control rising energy prices.
Despite these emergency measures, analysts warn that continued conflict and instability in the region could keep global oil prices volatile in the coming weeks.
