Oil hits $100 a barrel despite deal to release record amount of reserves

Despite the International Energy Agency's (IEA) agreement to release a record 400 million barrels of oil reserves, Brent crude prices surged to $100 a barrel in Asia trading. The IEA's move, involving all 32 member countries, aimed to address supply concerns amid heightened tensions. Iran warned that oil prices could reach $200 a barrel if its attacks on ships intensify in the Strait of Hormuz, a crucial waterway for global energy shipments. The rising oil prices have led to increased fuel costs worldwide, with the US average petrol price exceeding $3.50 a gallon. Asian countries like the Philippines, Thailand, and Vietnam are particularly affected, experiencing long queues at petrol stations. In response, some countries are implementing measures like four-day work weeks and work-from-home policies to conserve energy.

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