Around 08:30 GMT, the barrel of West Texas Intermediate (WTI), the American benchmark for crude oil, jumped 6.66% to 110.30 dollars, after rising to 111.50 dollars, a record since 2013.

North Sea Brent crude rose 6.16% to $111.44 a barrel, after climbing to $113.02, its highest since 2014.

The invasion of Ukraine by Vladimir Putin's Russia led the European Union and the United States in the lead to impose strong sanctions on Moscow, fueling fears that Russian oil exports could be cut off.

Russia is the second largest crude oil exporter in the world.

“Supply chain issues and inflationary pressures remain the top concern for many investors around the world,” said Andy McCormick, analyst at T. Rowe Price.

"Market sentiment remains dominated by events surrounding the conflict between Russia and Ukraine. More specifically, concerns over supply remain at the heart of concerns," commented Stephen Brennock, of PVM Energy.

Emergency reserves

The International Energy Agency (IEA), however, announced on Tuesday that its member countries would release 60 million barrels of oil from their emergency reserves to stabilize the market.

Of this total, 30 million will be released by the United States, said US President Joe Biden.

US President Joe Biden during his State of the Union address to Congress on March 1, 2022 in Washington Al Drago POOL/AFP

However, these announcements did not have the desired effect, notes Mr. Brennock, since the price of black gold continued to soar.

The Russian-Ukrainian conflict comes at a time when crude prices were already climbing sharply due to insufficient supply and a strong recovery in demand around the world caused by the lifting, in many countries, health restrictions imposed to fight the coronavirus pandemic.

A meeting of the Organization of the Petroleum Exporting Countries and their allies (OPEC+), in which Russia will participate, will be held on Wednesday.

Despite the surge in prices, analysts are counting on a renewal of the cautious strategy of the cartel made up of thirteen members of OPEC, led by Riyadh, and their ten allies, led by Moscow.

An OPEC+ meeting is planned, in which Russia will participate JOE KLAMAR AFP/Archives

The market doubts the ability of the cartel to "implement its promises given its recent history of not meeting its production targets", underlined Mr. Brennock.

© 2022 AFP