Global oil prices increased on Monday with the war between Russia and Ukraine putting significant strain on global oil markets, which are already experiencing heightened price volatility.
International benchmark Brent crude was trading at $105.78 per barrel at 0704 GMT for a 1.33% increase after closing the previous session at $104.39 a barrel.
American benchmark West Texas Intermediate (WTI) was at $100.50 per barrel at the same time for a 1.24% gain after the previous session closed at $99.27 a barrel.
To combat high oil prices, the International Energy Agency's (IEA) 31 member countries agreed on April 1 to a new release of oil from emergency reserves in response to the market turmoil caused by Russia's war in Ukraine.
Previously, the group agreed to release 62.7 million barrels from emergency reserves. The IEA will announce details of the new emergency stock release this week.
News of the stock release came after US President Joe Biden announced the release of 1 million barrels per day last week for six months to drive prices down at the pump.
Meanwhile, a two-month ceasefire was announced between the Yemeni government and Iran-backed Houthis to alleviate oil supply security and some of the pressure on oil prices.
The United Nations Special Envoy to Yemen, Hans Grundberg, announced on April 1 that the Yemeni government and the Houthis agreed to cease air, land and sea operations. But, on April 3, the Yemeni army accused the Iran-backed Houthis of violating the two-month humanitarian ceasefire.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr