Overnight trading on Tuesday saw U.S. crude oil rise to its highest point since 2013. Global benchmark Brent reached $110 per barrel, as the country’s fervent rally continues. This comes just as OPEC, Russia and other oil-producing countries prepare for Wednesday’s meeting to discuss April’s production.

West Texas Intermediate crude futuresOil benchmark in the United States, U.S., rose more than 5 percent to reach $109.23/barrel, the highest price since August 2013. The following events took place regular tradingContract settled for $103.41/barrel, an increase of 8.03%

Global benchmark Brent crudeThe contract traded at $110.84 on Tuesday, a 5.6% increase. This is the highest price since July 2014. The contract settled at $104.97/barrel during Tuesday’s session, an increase of 7.15%.

“There is no relief. John Kilduff from Again Capital said, “This is a moment of great importance for the markets and the world as well as supplies.” He said, “It is clear that Russia will be confronted by the rest of the world and foreclose its oil exports,” adding that it was oil the market can’t afford to lose.

Brent and WTI both soared to $100 on Thursday, the highest levels since 2014. This was in response to Russia’s invasion of Ukraine.

Oanda senior market analyst Ed Moya said that crude oil prices will continue to rise as tight markets are likely to see more supply disruptions as the War in Ukraine continues. The Brent crude oil could rise up to $120 if Russia sanctions are imposed on it.

In an attempt to stem the rising price of oil, member countries of the International Energy Agency (IEA) announced Tuesday that they would release 60 million barrels from their oil reserves. The U.S. will also release 30,000,000 barrels as part of this plan.

The announcement was not enough to ease fears.

In a post to clients, Goldman Sachs stated that they did not consider this sufficient relief. “Demand destruction — through still higher prices — is now likely the only sufficient rebalancing mechanism, with supply elasticity no longer relevant in the face of such a potential large and immediate supply shock,” the firm added.

Brent and WTI are up over 40% each year since April 2020, as supply continues to be constrained. After a drastic supply cut that reduced production by nearly 10,000,000 barrels per day, OPEC has been gradually returning oil to the markets.

The group has been increasing its output by approximately 400,000 barrels each day since last month.

RBC sent a note to its clients saying that “We believe the producer group will continue the course with current easing and avoid getting into the deeperening security crises involving Russia’s group co-chair.”

According to the company, there may be a shift of strategy in the weeks ahead in the event that physical supply disruptions occur.

Russia is a key oil and gas producer and exporter — especially to Europe. The sanctions have not yet been applied directly to Russia’s energy sector. Some foreign buyers are reluctant to purchase energy products made in Russia due to the ripple effects of financial sanctions.

Patti Domm of CNBC contributed reporting.