Oil prices climb as supply fears outweigh IEA plan
Brent crude rose nearly 4% on Wednesday as supply fears persisted. Markets doubt whether the IEA's record reserve release can offset Middle East supply shocks.
Oil prices rebounded on Wednesday as global markets expressed skepticism over whether a record-breaking release of strategic reserves would be sufficient to mitigate supply shocks stemming from the escalating conflict involving the United States, Israel, and Iran.
Brent Crude Oil futures climbed $3.31, or 3.8%, to reach $91.11 a barrel by 1159 GMT. Similarly, U.S. West Texas Intermediate (WTI) crude rose $3.13, also a 3.8% gain, to trade at $86.58 a barrel. These price increases followed a volatile session on Tuesday where contracts plunged more than 11% despite an initial 5% leap at the market open.
