Global oil benchmark Brent crude surged above $100 a barrel on Thursday, March 12, 2026, even as major economies released substantial reserves in an effort to prevent a worldwide supply shortage. The price of Brent rose 9.3% to $100.50 per barrel around 03:00 GMT (4:00 AM in Italy), while the U.S. Benchmark, WTI, reached $94.92, an 8.8% increase, according to Afp.
Despite the coordinated intervention by leading global powers, investors remain unconvinced about the stability of oil supplies amid ongoing conflict in the Middle East. The move underscores the sensitivity of energy markets to geopolitical risk.
“Countries of the International Energy Agency will create 400 million barrels of oil available to the market to compensate for the loss of supply due to the closure of the Strait of Hormuz in the Gulf,” announced Fatih Birol, Executive Director of the OECD’s energy agency. The decision, reached unanimously on Wednesday by the institution – which includes 32 countries including the G7 (United States, France, Germany, United Kingdom, Italy, Japan and Canada), as well as Australia and Mexico – aims to stabilize prices and ensure continued energy access.
The United States, a major consumer and producer of crude oil, will contribute 172 million barrels, representing 40% of its reserves. These American barrels will gradually enter the market over approximately three months. The release of strategic reserves is a common tactic to address short-term supply disruptions, but its long-term effectiveness depends on the duration and severity of the underlying issues.
