Oil surges over 7% despite record reserve release announcement as markets doubt supply relief
By Lee Ying Shan
Published on March 12, 2026.
Oil prices have surged by over 7% despite the International Energy Agency (IE) announcing its largest emergency release of crude reserves in history. The West Texas Intermediate jumped 7.5% to $93.8 per barrel, while global benchmark Brent was trading around 7.74% higher at $99.1. The IEA announced that its 32 member countries would release 400 million barrels of oil from emergency reserves, marking the biggest coordinated drawdown since the agency was formed in 1973. Despite these announcements, the oil market has remained skeptical about the effectiveness of these measures.
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