WASHINGTON (dpa-AFX) - Crude oil prices have shown a significant downturn over the course of the trading day on Wednesday, pulling back sharply after surging early in the session.
After surging as much as $1.54 or 1.7 percent to a high of $90.98 a barrel, crude for November was last seen trading down $1.15 or 1.3 percent at $88.29 a barrel.
The downturn by the price of crude oil came after the International Energy Agency announced member states have expressed support for accelerating the oil stock releases announced in the Collective Action of March 2026.
'IEA Members also supported the prioritisation of the release of diesel stocks, to the extent possible, given the current tightness in diesel markets,' said IEA Executive Director Dr. Fatih Birol.
In March, the 32 member countries of the IEA unanimously agreed today to make 400 million barrels of oil from their emergency reserves available to the market to address disruptions in oil markets stemming from the war in the Middle East.
Birol said approximately 325 million barrels of oil have been released to date and noted the full release of all the stocks that had been pledged but have not yet been released would bring approximately 100 million barrels to the market.
Crude oil prices jumped early in the day on fears Iran is stepping up attacks on tankers in the Strait of Hormuz.
U.K. Maritime Trade Operations said there had been nine attacks so far this month, half the number it reported for all of September in the waterway and Persian Gulf combined.
In a statement on the social media platform X, Yemen's Houthi group claimed that it carried out a series of drone and ballistic missile attacks targeting airports and military installations in Saudi Arabia.
The Houthis also denied being pushed back by government forces after Yemen's military said it had removed the pro-Iran group from areas around the Bab al-Mandab strait - a Red Sea chokepoint - and the port city of Mocha.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
