Oil price jumps once again

Global oil prices have risen again after three more cargo vessels were hit in the Gulf, with markets rattled about strikes on shipping and energy infrastructure.

Brent crude rose in Asian trading to top $100 a barrel before the price eased to stand at about $97.50.

Brent surged as much as 10% to $101.59 a barrel, while WTI rose to near $96, before paring gains.

The jump came despite the International Energy Agency saying on Wednesday that it will release a record 400 million barrels of oil in an attempt to curb the economic impact of the U.S.-Israel war with Iran.

Two tankers were struck in Iraqi waters and Oman temporarily cleared ships from its key export terminal outside of the Strait of Hormuz.