Oil prices surge toward $100 as Middle East tensions escalate. Brent crude jumped 8.2% to $99.54 after tanker attacks in Iraqi waters forced the nation to halt operations at key oil terminals. The Strait of Hormuz remains effectively closed, threatening roughly one-fifth of global oil supply. Major producers including Iraq, Kuwait, and Saudi Arabia have cut output by approximately 6% of daily global consumption. The International Energy Agency responded with a historic 400 million barrel release, the largest coordinated drawdown since Russia's Ukraine invasion, yet prices continue climbing. The US will release 172 million barrels as part of the global effort. Analysts warn the IEA action may have backfired, potentially signaling deeper supply concerns to markets. Energy costs across crude, natural gas, and diesel are rising sharply, intensifying inflation worries globally.
