West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $92.65 during the early Asian trading hours on Thursday. The WTI price climbs over 6.5% on the day as fresh attacks on ships in the Strait of Hormuz worsen supply disruption fears.
The war between its neighbor Iran and the US and Israel escalates, boosting oil prices. Reuters reported that three more vessels have been hit by projectiles in the Strait of Hormuz. That brought the number of ships struck in the region to at least 14 since the Iran war began.
Analysts said the International Energy Agency's (IEA proposal for a record release of oil reserves is inadequate to ease those worries. The IEA on Wednesday announced the release of 400 million barrels of oil, the largest such move in its history, to try to rein in energy prices. The time frame for the release will be decided in due course.
Furthermore, US President Donald Trump plans to release 172 million barrels from the US emergency oil reserve as part of the coordinated effort by nations around the world to ease soaring crude and gasoline prices amid the Iran war.
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