Oil price jumps despite deal to release record amount of reserves
In early trading in Asia, Brent crude rose by 9% to top $100 a barrel before prices eased to stand at around $98.80 at lunchtime. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Oil prices surged despite a record release of emergency reserves by International Energy Agency (IEA) member countries aimed at stabilizing the market following concerns linked to the Iran war.
- 400 million barrels of oil will be released from emergency reserves, a move described as "historically significant."
- Iran warned that oil could reach $200 a barrel due to intensified attacks on shipping in the Strait of Hormuz.
- Oil prices have been volatile since late February, with Brent crude reaching almost $120 a barrel earlier this week, impacting fuel prices globally.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
Oil Price Jumps Despite Record Reserve Release Amid Iran War - March 2026
Oil prices surged despite a record release of emergency reserves by International Energy Agency member countries aimed at stabilizing the market following concerns linked to the Iran war. A looming fuel shortage threatens Kenya and Uganda by the end of March due to global ramifications from the Iran war. Kenyan exporters of perishable goods are facing significant financial losses due to shipping route disruptions caused by the conflict between the US and Iran, with extended transit times leading to quality degradation and mounting expenses for key agricultural and meat products. US inflation remained stable at 2.4% in February, a figure recorded before the impact of the US and Israel war in Iran on energy prices.
