Oil prices have surged despite historic new measures aimed at calming markets worried by the invasion of Ukraine.
Brent crude - the international benchmark for oil prices - has hit $113 a barrel, marking the highest level since June 2014.
Prices have spiked even after the International Energy Agency's members agreed to release 60 million barrels of oil from emergency stockpiles.
The BBC reports that concerns about Russia's invasion of Ukraine have sparked concerns among investors that oil or gas supplies could be affected.
Meanwhile, the price of US oil - West Texas Intermediate crude - rose to almost $109 a barrel.
International Energy Agency action
IEA members hold emergency stockpiles of 1.5 billion barrels.
The announcement of an initial release of 60 million barrels, or 4% of those stockpiles, is equivalent to 2 million barrels a day for 30 days.
The coordinated drawdown is the fourth in the history of the IEA, which was created in 1974. Previous collective actions were taken in 2011, 2005 and 1991.
Russia's 'outsized role'
Russia plays an outsized role on global energy markets.
It is the world’s third largest oil producer and the largest exporter.
Its exports of about 5 million barrels a day of crude oil represent roughly 12% of global trade – and its approximately 2.85 million barrels a day of petroleum products represent around 15% of global refined product trade.
Around 60% of Russia’s oil exports go to Europe and another 20% to China.