The Economic Times

Explained: Why crude oil prices rose 9% to $100/bbl despite IEA announcing largest release since 1970s

Oil prices surged over 8% as traders dismissed the International Energy Agency's record emergency crude release, doubting its sufficiency against Middle East supply shocks. Iran's warning of $200 per barrel prices and ongoing conflict concerns overshadowed the 400 million barrel drawdown, with uncertainty over distribution pace and Iran's ceasefire demands adding to market jitters.