Oil prices surged more than 8% with Brent crude hitting $100 per barrel Thursday, as traders remain unconvinced that release of government stockpiles could offset the massive supply shock triggered by the war in the Middle East.
US crude stocks rose while fuel inventories fell last week, the EIA said on Wednesday, as demand for gasoline and diesel rose on concerns that prices at the pump would continue to rise.
The IEA said that its 32 member countries would release 400 million barrels of oil from emergency reserves, marking the biggest coordinated drawdown since the 1973 oil embargo.
One key reason markets remain uneasy is uncertainty about how quickly the barrels will reach the market, said experts. Iran has reportedly begun laying mines in the Strait of Hormz.
Iran's new supreme leader, Mojtaba Khamenei, was injured in the 28 February attack that killed six of his family members, including his father, Tehran's ambassador to Cyprus has confirmed.
The Trump administration announced new trade investigations of China, Mexico, the EU and more than a dozen other economies, with the goal of replacing Trump's reciprocal tariffs.
Brent crude has formed a golden cross, underlining strong upside momentum. Deep into the overbought territory, it may be poised for a sharp decline, but the key will be how the ongoing war will play out.
Asset recap
As of market close on 11 March, among EBC major products, Oracle shares led gains on robust fiscal Q3 earnings and the announcement of no plan to raise any additional debt in 2026.
Stryker shares fell following a Wall Street Journal report that the medical technology company was hit with an Iran-linked cyberattack. The company is experiencing a global outage across its system.
The colder weather and the higher demand came on top of another trend that has also elevated prices for natural gas — the AI boom. The bullish run has begun before the Iran war.
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