(Bloomberg). Oil could suffer its largest weekly decline in nearly two years following an extraordinary release by the Biden administration of U.S. strategic reserves. This unprecedented move was made to contain the rising prices.

West Texas Intermediate futures dropped around 12% over the past week, fluctuating near $100 a barrel on Friday. Analysts warned that any relief would not last. The U.S. intends to produce 1 million barrels per day over six months. Just before the OPEC+ group met to ratify a small increase in supplies for May, the news reached the markets early Thursday morning.

Russia’s war in Ukraine has roiled global commodity markets and driven up the price of everything from food to fuels, challenging governments seeking to encourage economic growth after the pandemic. It’s led to tumultuous trading in the oil market, with wild swings during sessions throughout March.

President Joe Biden blamed a spike in gasoline prices this year on his Russian counterpart Vladimir Putin and the invasion of Ukraine, calling it “Putin’s price hike.” He also criticized U.S. oil companies that have been reluctant to boost production. While retail gasoline was expensive before the invasion of Ukraine, it has risen dramatically since.

The market also faced pressure this week from concerns about Chinese demand as the world’s biggest oil importer implements a series of lockdowns to curb a virus resurgence. The economic impact of those curbs is already starting to show, as manufacturing activity contracted in March.

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