From Quartz.
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The International Energy Agencyâs largest-ever emergency oil release failed to cool prices on March 11 as the Middle East conflict disrupted supply.
Brent crude rose 3.4% to $90.77 and West Texas Intermediate gained 2.8% to $86.01 despite a 400 million-barrel IEA emergency oil release by all 32 member countries. Earlier this week, Brent briefly neared $120 after hostilities involving the U.S., Israel, and Iran.
The Strait of Hormuz is operating at under 10% of pre-conflict capacity. On March 11, U.S. forces sank 16 Iranian minelayers, and three cargo ships were hit by projectiles. U.S. fuel prices continued higher, equities were mixed, and with February CPI at 2.4% year-over-year, analysts warn sustained oil could push inflation above 3%. #oilprices #geopolitics #middleeastconflict #iearelease #markettrends
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