00:00Global oil prices are climbing again this Thursday, despite a record-breaking move to flood the market with supply.
00:07Brent crude rose more than 9% in Asian trading, pushing back above $100 per barrel.
00:14This is even as International Energy Agency, IAEA, announced it agreed to release 400 million barrels from emergency reserves to
00:23curb the impact of the Iran conflict.
00:26To put that in perspective, it's the largest release in the IAEA's history, more than double the previous record set
00:33after Russia's invasion of Ukraine in 2022.
00:37Now, the IAEA also said Persian Gulf countries have cut oil production by at least 10 million barrels per day
00:44after the closure of the Strait of Hormuz.
00:47Iran is warning prices could hit $200 per barrel as it targets ships in the straits.
00:53The Iranian government says any vessel linked to the U.S. or its allies is now a target.
00:59Now, this comes after two more tankers were struck near the port of Umkassar, near the city of Basra, Iraq.
01:06The attack killed one person and injured 38 others, according to the head of the General Company for Iraqi Ports.
01:13Also Thursday, Bahrain reported an Iranian attack on fuel tanks, while drones struck fuel tanks at Oman's Salalah port, forcing
01:22operations to be suspended.
01:24Now, Saudi Arabia said it intercepted drones heading towards its Shaibah oil field.
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