Global oil prices surged on Thursday, with Brent Crude Oil climbing above $100 per barrel after a sharp increase of more than 8%. The price jump reflects growing concerns about supply shortages and uncertainty in international energy markets.
During early trading, the price of Brent crude from the North Sea rose by about 8.8%. Traders priced one barrel at approximately $100.08 in global markets. The increase marked a return to the $100 level after recent volatility in the oil sector.
At the same time, West Texas Intermediate Crude Oil, the main benchmark for U.S. oil, also recorded a strong rise. The price climbed by a similar percentage and reached nearly $95 per barrel during Thursday trading.
Market analysts said the price increase came despite a major announcement from the International Energy Agency. The agency revealed that its 32 member countries plan to release around 400 million barrels of oil from their strategic reserves into global markets. This move represents the largest coordinated release of strategic oil reserves since the organization was created after the 1973 global oil crisis.
Energy experts believe the planned release may not fully calm market fears. Traders worry that global oil supplies remain tight, especially as shipping routes face disruptions in several regions.
Paul Molchanov, an analyst at Raymond James, said the oil market currently reflects uncertainty and strong emotional reactions from traders. According to him, investors remain concerned about supply shortages and the possibility that some oil shipments may not reach global markets easily.
Analysts also noted that disruptions in key transportation routes have increased pressure on the global energy system. Some shipments cannot pass through major maritime corridors, which further limits available supply.
As a result, oil markets remain volatile. Traders continue to monitor geopolitical developments and supply conditions closely while global demand for energy remains strong.
