On Thursday, Brent crude climbed to $101.50 a barrel, while WTI rose to $89.28, as attacks on vessels in the Gulf and Strait of Hormuz intensified, pushing global markets to a new high.
The surge follows the International Energy Agency's March‑launched plan to accelerate the release of oil stocks, a measure designed to counter the supply disruptions caused by the Iran war.
The Strait of Hormuz, which channels roughly 20% of worldwide oil shipments, has seen the highest tanker attacks since the conflict began, with a vessel north of Qatar struck by projectiles, killing crew members.
U.S. crude inventories fell 3.2 million barrels to 424.1 million barrels in the week ended Oct. 2, surpassing the 1.7‑million‑barrel drop analysts had forecast, while distillate stocks slipped 42,000 barrels to 105.14 million barrels.
Oil markets remain volatile, with prices still below the $126 peak seen earlier in the crisis. The IEA's accelerated release plan is expected to stabilize supplies, but ongoing attacks could keep prices elevated.