Arabic version: أسعار النفط ترتفع رغم إعلان إطلاق احتياطي قياسي

Global oil prices have surged following recent attacks on shipping vessels in the Gulf, with Brent crude rising over 9% in Asian trading to top $100 per barrel before easing to stand at about $97.50. This increase comes despite the International Energy Agency (IEA) announcing it will release a record 400 million barrels of oil to mitigate the economic fallout from the ongoing US-Israel war with Iran. According to BBC News, the Strait of Hormuz, a vital passage for energy shipments, remains effectively closed due to threats against vessels associated with the US and Israel.

An Islamic Revolutionary Guard Corps (IRGC) spokesperson warned that any ship linked to the US or its allies would be targeted, stating, “You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel.” This sentiment reflects the precarious nature of regional security, which heavily influences oil prices. The IEA’s decision to release reserves is noted as “historically significant” but is viewed as a temporary measure, with experts predicting sustained high prices due to ongoing supply risks.

The volatility in oil markets has significantly impacted stock exchanges, with Japan’s Nikkei index dropping by 1% and London’s FTSE 100 opening down 0.6%. The conflict has resulted in rising fuel prices globally, pushing the average petrol price in the US above $3.50 per gallon.

Countries in Asia, particularly those reliant on Middle Eastern energy, have experienced severe repercussions, leading to long queues at petrol stations in the Philippines, Thailand, and Vietnam. In response, Thai authorities have encouraged remote work for government employees to conserve energy, while the Philippines has implemented a four-day work week for its government sector to reduce energy consumption.