After a rollercoaster session, oil prices finally finished higher on Tuesday, with Brent crude ending above the symbolic $120 a barrel mark.

U.S. light crude WTI (July futures) ended up 0.8% at $119.41 on the Nymex, while North Sea Brent crude for August delivery rose 0.89% to $120.57 on the ICE.

Oil prices have risen 350% in two years from their lows. This is the highest increase for a two-year period since 1973, according to the World Bank's "World Economic Outlook" report. The organization says that in 2022 the prices of all hydrocarbons have increased significantly. In particular, oil prices rose by 350% between April 2020 and April 2022, while coal and gas prices reached historic highs.