U.S. oil prices hit multi-year highs Tuesday after the group of oil-producing nations known as OPEC+ failed to reach an agreement to boost output.

The West Texas Intermediate futures, the U.S. benchmark, rose to $76.98 a barrel early Tuesday, the highest level since 2014, before falling slightly to $74.56 a barrel. Brent crude, the global benchmark, hit $77.84 a barrel early Tuesday, its highest level since October 2018, before lowering to $75.74.