Brent oil price fell bellow $60 per barrel on Wednesday for the first time since the beginning of the year.
The slump comes as the US Department of Energy has published a weekly report on the country's oil reserves. According to the report, the reserves have increased by 6,77 million barrels and make some 483,26 million barrels.
Last week, Maj. Gen. Yahya Rahim Safavi, a senior military adviser to Iranian Supreme Leader Ali Khamenei, warned that any armed clash between Iran and the United States in the Persian Gulf would lead to an immediate jump in oil prices to above the $100 a barrel mark.