The price of a barrel of Brent crude rose by 4.88 percent, to 110.09 dollars, while the price of West Texas Intermediate crude increased by 5.06 percent, to 108.64 dollars a barrel.
This came after US President Joe Biden announced, in his first state of the union address to Congress, on Tuesday, that the United States would put on the market 30 million barrels of oil from its strategic reserve, with the aim of allaying fears arising from the Russian war on Ukraine.
Biden said that “the United States worked with 30 other countries to pump 60 million barrels of oil from reserves around the world. America will lead this effort by putting 30 million barrels of oil” on the markets, stressing that his administration is “ready to do more if necessary.”
The increasing sanctions imposed by Western countries on Russia raise fears of stopping Russian exports of oil and gas, which is reflected in a rise in prices.
Russian supplies constitute about 40 percent of European gas needs, while about 2.3 million barrels of Russian crude travel westward every day through a network of pipelines.
On Tuesday, the International Energy Agency announced that its member states will withdraw from their strategic oil reserves 60 million barrels to allay market concerns.
The Organization of Petroleum Exporting Countries (OPEC) will hold a meeting, on Wednesday, in which Russia will participate to discuss the possibility of increasing production to limit the rise in prices.