The release of a record volume of oil reserves has done little to bring down oil prices, which are edging upwards as trade in Asia enters the afternoon.

US-traded crude is trading at $98.97 (£74.62) a barrel, while Brent is priced at $104.33. Both are up by around 1%.

Prices also climbed last Thursday after the International Energy Agency (IEA) member states agreed to the plan to release a record volume of reserves.

The measure is only a “temporary” solution, but the impact on markets is going to be “limited” if tensions go on, said Martin Ma from the Singapore Institute of Technology.

The markets have accounted for the risk that the war could be a prolonged conflict that could disrupt production and shipping from the Middle East, he said.

Strikes across the region have continued, while US Energy Secretary Chris Wright has indicated that the war will last for several weeks more.

Shipments from the Gulf remain at a standstill after Iran maintained its threats against vessels that try to pass through the critical Strait of Hormuz.

Source: BBC World