Energy prices have fallen back since then, but Brent Crude is still almost 70% higher than it was a year ago.
Global energy supplies had been tightening for months as economies started to reopen as they relaxed pandemic lockdown measures.
That was made worse in recent weeks by expectations that Russian oil exports could fall by as much as 3m barrels a day.
Russia is the world’s second-biggest oil exporter after Saudi Arabia.
Most other major energy producing nations are either at full capacity or are unwilling to increase output.
The US, which is the world’s largest oil producer, is currently pumping out 11.7 million barrels of oil a day, but that is not enough to meet global demand.
Meanwhile, the International Energy Agency has called an emergency meeting for Friday.
It is unclear whether other IEA members – which include 29 nations such as the UK, France, Germany and Japan – will follow the US by releasing oil reserves.
Also on Thursday, Japan said that it will take emergency measures to secure supplies of seven strategic materials it relies on heavily from Russia or Ukraine as the war and sanctions cause disruptions to supplies.
The country’s industry minister said the actions include government support to boost domestic production, alternative procurement and to help technological developments to reduce use of the materials, which include liquefied natural gas and gases used in computer chip-making.
