Oil hits $100 a barrel despite deal to release record amount of reserves

It comes as Iranian attacks on ships intensify in the crucial Strait of Hormuz waterway.

Global stock markets fell sharply amid escalating concerns over the Iran war, which has driven oil prices back above $100 per barrel. Key European indices dropped between 0.7% and 1.2%, while major Asian markets also saw losses. The volatility follows increased geopolitical tensions after Iran’s new Supreme Leader vowed to keep fighting and leverage the strategically vital Strait of Hormuz against the U.S. and Israel.