LONDON — Oil prices climbed above $100 a barrel Thursday despite a record emergency reserve release by major economies, as markets remained concerned about potential supply disruptions linked to the Iran war, July 10. The price surge reflects traders’ expectations of prolonged instability in global energy supplies despite efforts to stabilize markets through coordinated releases from strategic reserves.

Brent crude rose nearly 9% during Asian trading and briefly surpassed $100 a barrel, highlighting continued volatility in global oil markets. The price increase came even after 32 member countries of the International Energy Agency (IEA) agreed to release 400 million barrels of oil from emergency reserves in an attempt to ease supply fears.

The coordinated move marks the largest release in the agency’s history, more than doubling the previous record set after Russia’s invasion of Ukraine in 2022. Officials hoped the measure would calm markets and provide additional supply to offset disruptions caused by escalating tensions in the Middle East.

However, analysts say the reserve release may only provide temporary relief.

Martin Ma, an energy analyst at the Singapore Institute of Technology, described the decision as “historically significant” but cautioned that it would likely serve only as a short-term measure.

“The latest price jump suggests traders still expect a prolonged disruption,” Ma said, adding that the reserve release acts as a “temporary buffer” rather than a long-term solution.

Much of the market’s concern centers on the Strait of Hormuz, a critical maritime passageway through which roughly one-fifth of the world’s energy supplies normally pass. Escalating tensions in the region have raised fears that shipping through the strait could be disrupted.

Iranian officials have issued warnings that attempts to stabilize prices through emergency stockpiles will not resolve the broader security concerns in the region.

“You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,” a spokesperson for Iran’s Islamic Revolutionary Guard Corps said.

“The price of oil depends on regional security, and you are the main source of insecurity in the region,” the spokesperson added.

Oil markets have remained highly volatile since the United States and Israel launched airstrikes against Iran on Feb. 28. Earlier this week, Brent crude surged to nearly $120 a barrel before retreating slightly.

Rising energy prices are already affecting consumers around the world. In the United States, the average price of gasoline climbed above $3.50 per gallon Tuesday, according to the American Automobile Association.

Several Asian countries have experienced immediate pressure due to their reliance on Middle Eastern oil. Long fuel queues have been reported in the Philippines, Thailand and Vietnam as supply concerns grow.

Governments in the region have begun implementing energy-saving measures in response to the surge in prices. Thai authorities have asked employees in most government agencies to work from home and discouraged nonessential overseas travel to conserve fuel.

In the Philippines, the government has introduced a four-day workweek for government offices as part of efforts to reduce national energy consumption while global oil markets remain under strain.

Analysts say oil prices are likely to remain elevated as long as geopolitical tensions threaten supply routes and energy infrastructure, even with coordinated international intervention.

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