Crude oil again crosses $ 100 per barrel due to increasing conflict in the Middle East!

The impact of increasing conflict in the Middle East is clearly visible on crude oil and on Thursday the price has again crossed $ 100 per barrel. In the international markets, the price of Brent crude has increased by more than 9 percent to $ 100.76 per barrel. At the same time, the price of WTI crude has increased by about 9 percent to $ 95 per barrel.

The rise in crude oil has been seen at a time when the International Energy Agency (IEA) has announced the release of crude oil from the emergency reserve to reduce the rise in prices.

Last Wednesday, the IEA, which has a membership of 32 countries, announced the release of 400 million barrels of crude oil from the emergency reserve, this is the largest figure for the release of crude oil by the IEA in its history so far.

Additionally, the US Energy Department separately announced it would release 172 million barrels of oil from the Strategic Petroleum Reserve, and Energy Secretary Chris Wright said shipments could begin next week and would take about 120 days to complete.

Earlier, due to increasing conflict in the Middle East, crude oil had reached $ 119 per barrel. However, it later fell to $80 per barrel.

The reason for the rise in crude oil is reportedly due to disruption in the movement of ships through the Strait of Hormuz. Along with this, oil tankers are now being targeted in the conflict between America, Israel and Iran, which has further increased it.

The Strait of Hormuz is a narrow sea route in the Middle East, through which about 20 percent of the world’s crude oil is traded.