March 12 (UPI) -- Oil prices climbed back above $100 per barrel Thursday after attacks on commercial shipping in the Persian Gulf raised fears of further disruptions to global energy supplies, despite a record release of emergency reserves by major consuming nations.
Brent crude, the international benchmark, surged more than 9% to about $100 a barrel as escalating Middle East tensions rattled energy markets, while U.S. benchmark West Texas Intermediate crude rose into the mid-$90s range.
The spike followed reports of additional attacks on vessels in the Gulf region, part of a widening Iran-linked campaign targeting shipping and energy infrastructure after the United States and Israel launched their airborne strikes against Iranian targets Feb. 28.
Three ships were hit by unknown projectiles in the Persian Gulf early Thursday, according to a British maritime agency.
Related
