As of 8:38 Bishkek time, the price of Brent increased by 10.45% to $101.59 per barrel.
By 10:00, the Brent futures slowed their growth, and its price was $100.50 per barrel (+9.26%). Meanwhile, the price of the April WTI crude oil futures rose by 8.29%, reaching $94.48 per barrel.
Earlier, countries that are part of the International Energy Agency (IEA) agreed to supply 400 million barrels of oil from their strategic reserves to global markets. This decision was made at an extraordinary meeting aimed at reducing price pressures caused by the escalation of conflict in the Middle East region.
The volume of supplies will account for one-third of the total strategic reserves of IEA countries, which exceed 1.2 billion barrels. Delivery dates will vary depending on the circumstances in each country. Additionally, some non-IEA states are also ready to join this initiative and utilize their reserves.
Tensions in the Strait of Hormuz have already led to supply disruptions affecting about 20% of the world's oil volume.
The Islamic Revolutionary Guard Corps of Iran announced the start of mining operations in the Strait of Hormuz. In early March, the IRGC warned that it would destroy any vessels attempting to pass through this strategically important waterway.
It is worth noting that on March 9, Brent oil prices reached $119.36 per barrel, an increase of 28.77%. On the same day, gas prices on European exchanges exceeded $800 per 1,000 cubic meters for the first time since January 2023.
