By 10:00, the price of Brent slightly adjusted to $100.5 per barrel (+9.26 percent). At the same time, the price of the April WTI crude oil futures increased by 8.29 percent, reaching $94.48 per barrel.
Earlier, countries that are part of the International Energy Agency (IEA) agreed to release 400 million barrels of oil from their strategic reserves to stabilize global prices. This decision was made at an extraordinary meeting aimed at alleviating price tensions arising from the escalation of the conflict in the Middle East.
The volume of released oil will amount to one-third of the total strategic reserves of IEA countries, which exceed 1.2 billion barrels. The delivery dates will depend on the circumstances in each country. Additionally, some non-IEA countries also plan to contribute their reserves to this initiative.
Tensions in the Strait of Hormuz have caused disruptions affecting about 20 percent of global oil supplies.
The Islamic Revolutionary Guard Corps reported that Iran has begun mining the Strait of Hormuz, and in early March, the IRGC stated its readiness to destroy any vessel attempting to pass through this strategically important waterway.
It is worth noting that on March 9, the price of Brent oil reached $119.36 per barrel (+28.77 percent). On the same day, the price of gas in European markets at the opening of trading exceeded $800 per 1,000 cubic meters for the first time since January 2023.
