Crude oil prices soared to multi-year highs on Wednesday as International Energy Agency’s (IEA) announcement to release oil supplies from its emergency stock has failed to calm nerves in the commodity market.

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The price of the May contract of Brent crude on the Intercontinental Exchange (ICE) stood at $113 at 7.30 pm, higher by $8.03 from its previous close, according to data from Bloomberg. This is the highest level of Brent crude oil prices since 2014. The West Texas Intermediate (WTI) also surpassed the $110-per-barrel-mark. Its April futures contract on NYMEX was 7.90% higher at $111.31 per barrel, the highest level since 2013.

Russia’s invasion of Ukraine has kept the oil prices boiling in the past week over concerns of severe supply shortage. Russia plays a significant role in the global energy markets, as it is the world’s third-largest oil producer and the largest exporter.