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Middle East Turmoil Propels Oil Prices HigherSingapore, 12 Mar 2026 (ONA) —- Oil prices surged more than 9 percent today, once again breaching the USD 100 per barrel threshold, as US-Israel war against Iran and the Iranian retaliation in the Middle East propelled oil prices, as well as the International Energy Agency’s announcement of a record-breaking release from strategic stockpiles.Brent crude soared 9.3 percent to reach USD 100.50 per barrel, while West Texas Intermediate advanced 8.8 percent to settle at USD 94.92.The International Energy Agency recommended the release of 400 million barrels of oil—an unprecedented volume—in an effort to temper prices that have skyrocketed amid supply shocks stemming from the US-Israeli war on Iran.The United States is contributing the largest share of this initiative, releasing 172 million barrels from its Strategic Petroleum Reserve.—- Ends/Khalid
