Explained: Why crude oil prices rose 8% to nearly $100/barrel despite IEA announcing largest release since

Oil prices surged over 7% to near $100 per barrel despite the International Energy Agency announcing its largest-ever coordinated release of emergency reserves. Traders remain skeptical that the 400-million-barrel stockpile drawdown will offset supply risks from the escalating Middle East conflict, particularly if disruptions persist in the Strait of Hormuz, a key global oil transit route.