Brent crude prices had fallen by more than 50 percent over the last week, reaching its lowest level since June 1999. The dramatic drop was due to concerns that crude storage tanks are running out of space, RT reported.

On Wednesday, US President Donald Trump had warned that the US Navy would attack Iranian gunboats if they “harass our ships at sea,” reigniting fears of a conflict in the Persian Gulf.

West Texas Intermediate (WTI) had similarly plunged to a negative price for the first time in its history on Monday. The price has since recovered as well, growing to $15 per barrel.

The global oil markets have been experiencing a glut due to a steep drop in demand amid the  COVID-19 pandemic.

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