
Brent crude hovers near $100 as Hormuz attacks and IEA diesel releases clash
Brent crude futures settled at $100.20 per barrel on Wednesday, while U.S. West Texas Intermediate fell to $88.28, as the International Energy Agency prioritized diesel stock releases to counter surging fuel costs. Although Gulf oil exports have recovered to over 81% of pre-war levels, prices remain elevated due to persistent security threats in the Strait of Hormuz and increased shipping costs. The IEA has deployed 325 million barrels under a March emergency plan, leaving approximately 100 million barrels available, with 1.1 billion barrels of emergency stocks still held by member states. Saudi Arabia’s East-West pipeline has restored flows to 5.8 million barrels daily, but Houthi strikes on Saudi airports and Iranian harassment of tankers continue to disrupt supply chains. Analysts warn that while physical supply is improving, geopolitical risks and thin global inventories keep prices volatile, with Saudi Aramco CEO Amin Nasser estimating it could take two years to rebuild depleted reserves.













