On Tuesday, Oil prices surged despite of the new measures which aimed at calming markets worried by the invasion of Ukraine.
Brent crude – the international benchmark for oil prices – jumped 10% to $107 a barrel, marking the highest level seen in more than seven years.
It rose after the International Energy Agency’s members agreed to release 60 million barrels of oil from emergency stockpiles.
Russia is one of the biggest energy producers in the world.
As a result, concerns about Russia’s invasion of Ukraine have sparked concerns among investors that oil or gas supplies could be affected.
Price rises were steeper in the US, where West Texas Intermediate crude increased by 11% to $106 a barrel.
The United States and 30 other member countries of the International Energy Agency (IEA) agreed to release the oil in a bid to stabilize energy markets worldwide.
“We are prepared to use every tool available to us to limit disruption to global energy supply as a result of President Vladimir Putin’s actions,” White House spokeswoman Jen Psaki said on Tuesday.
She added that Washington would carry on looking at how to speed up moving energy supplies away from Russia.
Another statement by the IEA noted that the invasion of Ukraine came against a “backdrop of already tight global oil markets, heightened price volatility, commercial inventories that are at their lowest level since 2014”.
Petrol price movements in the UK are mainly determined by the price of crude oil, which is the raw material for fuel, and the exchange rate between the dollar and the pound, because oil is traded in dollars.