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Originally published by Capital Businessbusiness
March 12, 2026
1h ago
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.
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