US-Israel-Iran war LIVE Updates: Brent crude hits $100 per barrel, US to release 172 mn barrels from strategic reserve

West Asia Crisis: As the conflict involving the US, Israel and Iran entered its 13th day, oil prices surged by 9 per cent on Thursday morning as Brent crude hit $100 per barrel and crude oil at $95. Given the uncertainty over global oil prices, US Energy Secretary Chris Wright said that the International Energy Agency (IEA) announced an emergency oil release, with the US set to release 172 million barrels from its Strategic Petroleum Reserve (SPR). 

Meanwhile, US President Donald Trump said that the US ‘won’ the Iran war in the first hour, claiming the outcome was determined within hours of the first military strikes. Addressing supporters in Kentucky, he said the campaign quickly turned in Washington’s favour though American forces would remain deployed until the mission was fully completed.

Tehran has targeted commercial ships near the Strait of Hormuz and Dubai International Airport, triggering apprehensions about global energy supplies. US forces have struck more than 5,500 targets inside Iran using artificial intelligence and other advanced tech. 

Also Read: Brent oil tops $100 again! What is fuelling the crude rally?

After targeting US consulates and embassies in the Middle East, Iran warned that it would target American, Middle Eastern and Israeli banks and other institutions. After this, some firms, including Citi, will ask employees to evacuate offices in the Dubai International Financial Centre (DIFC). 

Also Read: Strait of Hormuz disruption: Iranian oil continues to flow at a ‘near-normal’ pace

US-Israel-Iran war LIVE: Check out the latest updates on BusinessToday.In