Latest Oil Market News and Analysis for March 12

Commodities
Oil Advances as Middle East Disruptions Outweigh Release Plan
Oil climbed for a second day after another volatile session as traders focused on widespread disruptions due to the Iran war, with a record release of emergency reserves doing little to calm the market.
Brent rose as much as 7.9% to $99.24 a barrel, while West Texas Intermediate was near $94. The vital Strait of Hormuz remains effectively closed, leading to deep output cuts from major Gulf producers. Multiple vessels have also been attacked near the narrow waterway, underscoring the risks for shipping.