At their peak, May Brent crude oil futures quotes on the ICE exchange rose by 10.45% — to $101.59 per barrel.
Photo: Stringer/Anadolu via Getty Images
The reason for the further price increase was reports of new attacks on vessels in the waters of the Persian Gulf and the closure of oil terminals. This price jump is expected to fuel inflation and raise borrowing costs worldwide, Reuters writes.
However, the market did not react strongly to the International Energy Agency's (IEA) plans to release 400 million barrels of oil from its reserves — this will be the largest stock release in history. As part of this plan, the US announced that it would release 172 million barrels of oil to the market starting next week.
On Monday morning, oil reached $119 per barrel, then dropped to $80 on Tuesday.
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