AssetID: 55548318
Headline: UNCAPTIONED: Oil Prices Surge Despite Record Release Of Emergency Reserves
Caption: Oil Prices Surge Despite Record Release Of Emergency Reserves. Global oil prices have jumped again after attacks on cargo vessels in the Gulf heightened fears about the security of energy supplies. Brent crude briefly surged more than 9% in Asian trading, climbing above 100 dollars a barrel before easing slightly to around 97 dollars. The spike came despite an announcement from the International Energy Agency that it will release a record 400 million barrels of oil from emergency reserves in an effort to stabilise markets during the US-Israel conflict with Iran. The Strait of Hormuz, one of the world’s most important energy shipping routes, remains effectively closed amid concerns that vessels could be attacked. An Iranian Revolutionary Guard spokesperson warned that ships linked to the United States, Israel or their allies could be targeted adding that oil prices could climb as high as 200 dollars a barrel. The surge in energy prices has also unsettled financial markets, with Japan’s Nikkei index falling about 1% and London’s FTSE 100 opening lower. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,oil prices,surge,despite,record,release,emergency reserves,G7,Brent crude,Asian trading,London FTSE,Japan International Energy Agency,400 million,barrels,oil,US-Israel conflict,Iran
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