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Oil prices surged more than 7% Thursday, as traders appear to be unconvinced that government stockpiles can offset the massive supply shock triggered by the war in the Middle East.
The West Texas Intermediate jumped 7.5% to $93.8 per barrel, while global benchmark Brent was trading around 7.74% higher at $99.1, even after the International Energy Agency announced its largest emergency release of crude reserves in history.
The IEA said Wednesday that its 32 member countries would release 400 million barrels of oil from emergency reserves, marking the biggest coordinated drawdown since the agency was created in the aftermath of the 1973 oil embargo.
The United States announced that it would release 172 million barrels from its Strategic Petroleum Reserve, with Energy Secretary Chris Wright saying shipments could begin next week and take roughly 120 days to complete.
