Oil prices soar past $100 a barrel as tensions rise
Oil prices just shot past $100 a barrel after an attack on oil tankers in Iraqi waters, stirring up fresh tension near the Strait of Hormuz.
Brent crude futures jumped over 9% to $100.31, and US oil prices climbed too.
India felt the impact as well, with local crude futures rising nearly 8%, all because people are worried about possible supply disruptions from this conflict.
Energy markets still on edge
Even though the IEA announced a coordinated release of millions of barrels from strategic reserves, prices remain jumpy.
Warren Patterson from ING Think pointed out that getting this extra oil to where it's needed might take time.
The US is also tapping into its own reserves, but with mixed signals in inventory reports, it's clear that energy markets are still on edge.