On the morning trading session of 12/3, the two key global crude oil benchmarks, Brent and WTI, each saw increases of nearly 9%. Brent crude rose to USD 100,4 per barrel, while WTI traded at USD 95.

This surge followed an already higher close on 11/3 for both crude types, despite the International Energy Agency (IEA) announcing that member countries would release 400 million barrels of strategic petroleum reserves to stabilize the global market. The United States alone contributed 172 million barrels to this release.

Investors appear to believe that this measure is insufficient to offset the significant supply shock caused by the ongoing conflict in the Middle East. The Strait of Hormuz, a vital route for approximately 20% of global oil and gas shipments, has been disrupted for nearly two weeks. The IEA's announcement itself underscored the risk of oil shortages, suggesting the agency does not anticipate a swift resolution to the conflict.

"Oil prices remain in a state of panic. The prices we are currently observing reflect all emotions, fears, and uncertainties", stated Pavel Molchanov, an investment strategist at financial services firm Raymond James.

Ha Thu (according to Reuters, CNBC)