Oil prices rise after IEA announces release of global reserves

Oil prices have risen following the International Energy Agency’s announcement of the largest release of global oil reserves in history.

Brent crude rose 3.2% to around $91 per barrel after the Paris-based organization announced measures aimed at easing pressure on global markets.

A sharp price surge was also observed after the previous IEA reserve release following the war in Ukraine, when many traders interpreted it as a signal that the energy crisis was more serious than expected.