After announcements by Russia and Saudi Arabia, that they would be extending voluntary production cuts through the end of the year, triggered concerns over tight oil supplies, oil surged to nine-month highs.

According to MarketWatch, Brent futures, a European benchmark for oil prices, increased to $91.01 per barrel Friday, before falling Monday to $90.31.

Prices surged last week following the announcements by Moscow and Riyadh that they would be extending their voluntary production cuts through to the end of the year. Although the US and its European partners have for the most part, banned Russian oil imports, Russia still produces roughly 11% of the global supply, according to the US energy department. Saudi Arabia produces roughly 12%. As a result, changes in production output from both of these nations hold the prospect of having serious effects on the world market.

The increases in the price of oil are already showing up in the form of higher gasoline prices. Currently, the average national price for a gallon of regular gasoline was $3.83 per gallon as of Sunday morning, according to AAA statistics. One week ago the average national price was $3.81 per gallon.

AAA spokesperson Andrew Gross said that on top of the international supply cuts, “hurricane season and its threats to Gulf Coast oil and gas production and refining” have also increased the prices.

Last year, the Biden administration released oil from the Strategic Petroleum Reserve to fight the increasing gasoline prices, however this year, the reserve is at roughly 350 million barrels, which is far below the 637 million barrels the reserve held when Biden first took office in January of 2021, when Brent futures sat at $55 per barrel.

Although the Department of Energy has said that it planned to begin refilling the reserve this year, last month a report revealed that a pending order for 6 million barrels of oil to begin replenishing the stockpile was cancelled by the administration.