Crude oil prices rose early Tuesday, extending gains from the previous session, as investors worried about a lack of supplies ahead of the Northern Hemisphere’s winter heating season.

By 0006 GMT, Brent crude had risen 5 cents to $94.05 per barrel, while WTI crude had risen 7 cents to $87.85 per barrel. Crude prices on both sides of the Atlantic have risen by more than 15% this year as a result of the Russia-Ukraine war. Energy prices have also risen, with Moscow reducing gas supplies to Europe in response to Western sanctions imposed for its invasion of its neighbor.

A draught European Union proposal suggests that fossil fuel companies may have to share their extra profits to help European homes and enterprises cope with skyrocketing energy bills as the cost of the West’s “energy war” with Russia grows. According to data issued on Monday by the US Department of Energy, emergency crude oil stocks in the United States declined 8.4 million barrels to 434.1 million barrels in the week ending September 9, the lowest level since October 1984. (DOE).

In March, US President Joe Biden announced a six-month plan to release 1 million barrels per day from the Strategic Petroleum Reserve (SPR) to combat rising US fuel costs, which have contributed to skyrocketing inflation. According to sources, the Biden administration is assessing the need for additional SPR releases after the present program concludes in October.

Meanwhile, the G7 nations will impose a price restriction on Russian crude oil to reduce the country’s crude oil export revenue, aiming to penalize Moscow for the invasion of Ukraine while ensuring that crude oil continues to flow to developing countries. The US Treasury, on the other hand, cautioned that the cap could drive up crude oil and gasoline prices in the US this winter.

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