Oil prices soar! The IEA agreed to release 60 million barrels of oil reserves

Oil prices rebounded above $100 a barrel as concerns about the impact of severe sanctions imposed on Russia intensified
, Reuters reported on March 2.

Oil prices surged more than 10 percent
at one point as negotiations on a coordinated global release of crude oil stocks failed to quell fears of war-induced supply disruptions.
The news of less than a day of global oil consumption underscores fears that supply will not be enough to compensate for the growing disruption
in the crude market.

U.
S.
crude futures surged $7.
69 to settle at $103.
41 a barrel, Brent futures rose $104.
97 and European natural gas rose nearly 29 percent
.

Although the U.
S.
side said oil sales were not targeted by sanctions, traders in the largest U.
S.
oil center have suspended oil
imports from Russian companies.
Oil and gas prices have now risen by nearly 60 percent
since the upgrade began last November.

According to the Wall Street Journal, the United States and other major oil consumers said they would release 60 million barrels of oil from emergency reserves to provide new supplies
to the market at a time when the Ukraine crisis caused oil prices to soar.

The report mentioned that the member countries of the International Energy Agency (IEA) include the United States, Japan and most of Europe
.

The report quoted the IEA as saying that it hopes to send a unified and strong message to the global oil market that the Russia-Ukraine conflict will not lead to supply shortages.
"

The IEA also mentioned that the IEA supports supporting the international community to impose sanctions on Russia, but is also concerned about the tight global oil market, increased price volatility, and commercial inventories at the lowest level
since 2014.