The International Energy Agency (IEA) on Tuesday said member countries had agreed to release 60 million barrels of oil from their emergency reserves to cushion the global market following Russia's military operation in Ukraine.

IEA said in a statement the move aims to "send a unified and strong message to global oil markets that there will be no shortfall in supplies."

The statement noted that the operation came "against a backdrop of already tight global oil markets, heightened price volatility, commercial inventories that are at their lowest level since 2014."

Russia is one of the world's largest energy producers, exporting about 5 million barrels a day.

According to CNBC, oil prices in the U.S. jumped, with West Texas Intermediate crude futures settling 4.5% higher at $95.72 per barrel, while Brent international gained 2.7% to $100.55.

(With input from agencies)