Oil soared above $100 and stocks sank Thursday as Iran’s fresh attempts to hit supplies in the Middle East and threats to bring down the global economy overshadowed a record release of strategic crude by the International Energy Agency.
The IEA said Wednesday that its members had agreed to unlock 400 million barrels of oil from their reserves — their largest release ever.
But the move was unable to overcome fears about the choking of energy supplies from the Middle East, with the Strait of Hormuz — through which a fifth of global crude passes — effectively shut down.
As Iran steps up attempts to disrupt supplies across the region, two tankers in Iraqi waters were reported struck Thursday. Baghdad had already said it was cutting output because of the crisis, with Kuwait and kingpin Saudi Arabia following suit.
Also Thursday, Bahrain reported Iran had carried out an attack on fuel tanks…
