Vast release of emergency crude reserves fails to quell mounting fears around energy supply crunch, rattling global markets

Crude oil prices surge more than 20 percent as sprawling regional conflict threatens global energy supplies.

The oil price reached nearly $120 a barrel on Monday over fears of lengthy disruption to supplies.

It comes as Iranian attacks on ships intensify in the crucial Strait of Hormuz waterway.

Vast release of emergency crude reserves fails to quell mounting fears around energy supply crunch, rattling global markets

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.

The price of a barrel of Brent crude oil, the international standard, has topped $100 a barrel again, jolting markets just days after it spiked near $120.

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Energy markets remain on tenterhooks as the prospect of prolonged war in the Middle East grows.

WTI crude saw its biggest weekly gain since the 1980s last week.