Russian President Vladimir Putin threatened to stop oil and gas exports to Europe if it set a ceiling on prices, and prices also received support from the OPEC + announcement this week of a slight production cut.
Brent crude futures rose $3.69, or 4.1%, to $92.84 a barrel, and US West Texas Intermediate crude futures rose $3.25, or 3.9%, to $86.79 a barrel.
“In the coming months, the West will have to face the risks of losing Russian energy supplies and rising oil prices,” said Stephen Brennock of oil market brokerage BVM.
Under pressure from recession fears and demand, Brent crude fell sharply following rising in March to near an all-time high of $147 in the wake of the Russian invasion of Ukraine.
An official in the US Department of Energy said that the White House is not considering a new withdrawal from the strategic oil reserve beyond the withdrawal of 180 million barrels announced by President Joe Biden months ago.
Prices were affected by the European Central Bank’s announcement this week of an unprecedented increase in the interest rate by 75 basis points, as well as more closures due to Corona in China.