Oil hits $100 per barrel despite IEA's record 400 million barrel reserve release; Iran warns of $200 oil amid Strait of Hormuz ship attacks threatening global energy supplies.

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

Osmond ChiaBusiness reporterReutersLong queues were seen at petrol stations in the PhilippinesBrent crude rose by almost 9% to top $100 ($74.79) a barrel in Asia trading even after all 32 members of the International Energy Agency's (IEA) said they will release 400 million barrels in response to supply concerns.On Wednesday, Iran warned that oil could reach $200 a barrel as its attacks on ships intensify in the Strait of Hormuz, a key waterway for energy shipments.An Islamic Revolutionary Guard...