As of 8:38 Bishkek time, the price of Brent increased by 10.45% to $101.59 per barrel.
By 10:00, the price growth slowed down, and Brent futures were trading at $100.5 per barrel (+9.26%), while the April WTI crude oil futures rose by 8.29% to $94.48 per barrel.
Earlier, countries that are part of the International Energy Agency (IEA) agreed to supply 400 million barrels of oil to the global market from their strategic reserves. This decision was made at an emergency meeting to reduce price tensions caused by the escalation of the conflict in the Middle East.
The total supply volume will amount to one-third of the IEA's strategic reserves, which exceed 1.2 billion barrels. The delivery dates will depend on the specific circumstances in each participating country, and some states not part of the IEA also intend to use their reserves.
The situation in the Strait of Hormuz has led to disruptions affecting about 20% of global oil supplies.
Earlier, the Islamic Revolutionary Guard Corps announced that Iran had begun mining the Strait of Hormuz. In early March, they stated that they would burn any vessel attempting to pass through this strategically important area.
It is worth noting that on March 9, Brent oil was trading at $119.36 per barrel (+28.77%). On the same day, the price of gas on the European exchange exceeded $800 per 1,000 cubic meters for the first time since January 2023.
