Oil prices surge to $100 again despite largest-ever oil reserve release amid Gulf War

Oil prices surged over 8% on Thursday, even after global energy body IEA's 32 member nations agreed on the largest-ever oil stock release of 400 million barrels from their emergency reserves. This comes amid the energy crisis sparked by the Middle East war. While West Texas Intermediate (WTI) climbed to around $95/barrel, Brent crude gained about 8.9% to reach $100/barrel.