US Israel Iran War: Crude oil prices surged, know how much the rate reached per barrel
US Israel Iran War: Today (March 12) is the 13th day of the ongoing war between Israel, America and Iran. The effect of increasing tension in the Middle East is being seen on the prices of crude oil. After the closure of the Strait of Hormuz, oil prices are skyrocketing. Meanwhile, due to the attack on oil tankers in Iraqi waters, oil prices have increased in the Asian market on Thursday, March 12. On the other hand, Iraq’s Oil Ministry has expressed concern over the attacks on oil tankers in the Gulf and demanded “security of sea lanes”. Even before this, due to the ongoing war between America, Israel and Iran, the supply of oil has come to a standstill, due to which the markets are adopting a cautious attitude. Meanwhile, news has come to light that two international oil tankers have been attacked near Iraq and Kuwait.
Read :- G7 Finance Ministers Meeting: G7 Finance Ministers meeting amid rising crude prices after Gulf conflict, discussion on emergency oil reserves.
What is the price of crude oil today?
Crude oil prices continue to rise despite the International Energy Agency’s announcement of the release of its largest-ever Strategic Reserve. According to the latest information, crude oil has gone above $ 101 per barrel, which is more than 38 percent more than before the war started.
America, IEA will release from oil reserves
America has announced the release of 172 million barrels of oil from the Strategic Petroleum Reserve.
Apart from this, the International Energy Agency is also going to release a record 400 million barrels of oil from its reserves.
Which will be his biggest withdrawal till date. They had extracted 200 million barrels of oil in the year 2022 when the Russia and Ukraine war escalated. Japan and Germany have also talked about releasing oil from their oil reserves, although the situation is not clear regarding how much they will release and when.
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