Oil prices surge despite massive reserve release as Iranian attacks target tankers in Iraqi waters. Brent crude climbed 6.19 percent to $97.67 a barrel while WTI rose 5.86 percent to $92.36 following attacks on two fuel oil tankers. The International Energy Agency announced a record 400 million barrel strategic reserve release to cool prices, with the US contributing 172 million barrels. However, the market's bullish response reflects ongoing Middle East tensions and supply concerns. Analysts warn that disruptions through the Strait of Hormuz and production halts in key regions could create long-term supply shortages. With no signs of de-escalation in the conflict, oil markets remain under upside pressure despite coordinated efforts to stabilize supplies.
