Oil prices have once again crossed the $100 per barrel threshold, rising more than 9% on Thursday. The increase is attributed to a series of Iranian attacks targeting supplies and infrastructure in the Middle East. These developments have overshadowed the International Energy Agency's (IEA) unprecedented decision to release a record 400 million barrels of oil from its reserves, which was expected to stabilize prices.

Specifically, North Sea oil prices increased by 9.3% to $100.50, while U.S. light crude jumped 8.8% to $94.92 early Thursday morning Norwegian time. The flurry of attacks has heightened tensions in the region, leading investors to react cautiously despite the IEA's attempts to alleviate pressure on oil markets. The simultaneous rise in prices against the backdrop of a significant reserves release signifies a volatile and uncertain market.

In response to these soaring prices, the U.S. Department of Energy announced it would release 172 million barrels of oil from its strategic reserves. This move aims to mitigate the increase in oil prices and provide some relief to consumers. However, the geopolitical situation and ongoing conflicts in the Middle East may continue to influence prices in the short term, making the oil market highly reactive to news related to supply disruptions and geopolitical tensions.