Oil Holds Near $100 as Iran Refuses to Yield Despite Massive Reserve Deployment

Iran’s refusal to scale back its military campaign kept oil prices locked near $100 a barrel Thursday, even as the world’s largest oil-consuming nations deployed their emergency stockpiles at a record pace. Brent crude settled around $98 after briefly touching $100.29, defying expectations that the IEA’s unprecedented 400-million-barrel reserve release would meaningfully cool prices. The standoff between Tehran’s offensive and the world’s policy response is becoming a defining feature of this energy crisis.
Iranian strikes hit energy infrastructure across Bahrain, Iraq, and Oman while also targeting merchant ships near the Strait of Hormuz. Three crew members aboard the Thai vessel Mayuree Naree were reported trapped following a ship strike. Iraq shut all crude oil exports and Oman evacuated its Mina Al Fahal terminal following drone attacks on a neighboring facility.
Brent climbed 9% intraday before settling around $98, while West Texas Intermediate gained 8.6% to $94.75. Oil began the year at approximately $60, surged to $119 at this week’s peak, and has now stabilized in an elevated range that is inflicting significant damage on import-dependent economies. Iran’s military escalated its verbal offensive, warning of $200-per-barrel oil.
The United States announced a release of 172 million barrels from its Strategic Petroleum Reserve as part of the broader IEA response. President Trump pledged to continue military operations against Iran. He said the reserve release would substantially reduce prices as the US brings the military campaign to a close.
Goldman Sachs raised its Q4 2026 Brent price target to $71 per barrel. Deutsche Bank flagged stagflation risks. Japan’s Nikkei dropped 1.6%, South Korea’s Kospi fell 1.2%, and European natural gas climbed 7.7%.