Global Oil Prices Surge as US Stocks Drop; IEA Prepares to Release Reserves
Thansettakij
Key summary
West Texas Intermediate crude oil prices jumped more than 3% to close at $97.97 per barrel, driven by a significant drop in US crude inventories of 8.5 million barrels. While Brent crude declined slightly, investors are watching potential US sanctions relief on shadow fleets amid rising global shipping costs. The International Energy Agency (IEA) announced plans to release over 20 million barrels of diesel from strategic reserves to address soaring fuel prices worldwide.
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Source report
Thansettakij
Read original ↗https://www.thansettakij.com/economy/energy/671558