Soaring oil prices prompt officials to meet to consider ‘stabilizing energy markets.’

With oil prices spiking to well above $100 a barrel, the U.S. energy secretary, Jennifer Granholm, on Tuesday will lead a meeting of energy officials from around the globe on the impact of Russia’s invasion of Ukraine on energy supplies.

Fatih Birol, the executive director of the International Energy Agency, which is organizing the teleconference, said the group would consider how it “can play a role in stabilizing energy markets.”

Analysts say that the energy agency could be preparing a global release of members’ oil reserves designed to cool down markets alarmed by the shock waves from Russia’s military action.

Oil prices have been turbulent since they hit a seven-year high of $105 a barrel last week after the Russian attack started. On Tuesday, Brent crude was up more than 6 percent, to $104 a barrel.

The meeting is being called amid concerns that sanctions imposed on Moscow by Western nations could result in reduced flows of energy from Russia, which supplies one in 10 barrels of oil globally as well as around one-third of the European Union’s natural gas.

Helima Croft, head of global commodity strategy at RBC Capital Markets, an investment bank, said in a note to clients that she expected that “the U.S. will soon tap its strategic petroleum reserve as part of a broader” release coordinated by the international agency.

Barring a breakthrough in peace negotiations between Russia and Ukraine, there was a risk of a large portion of Russian oil exports being crimped as a result of the sanctions, even though Western governments have said that they do not intend to disrupt energy flows, analysts at Goldman Sachs said in a research note. If so, oil prices could go as high as $120 a barrel, the analysts forecast.

So far, loadings of tankers of oil and liquefied natural gas from Russia are proceeding as normal, said Alex Booth, head of research at Kpler, which tracks shipping.

But, he added, a liquefied natural gas tanker coming from a facility partly owned by TotalEnergies in Russia and named for Christophe de Margerie, the French giant’s former chief executive who was killed in a plane crash in Moscow in 2014, had recently changed its destination from Britain to France after London barred Russian-linked ships from British ports.

Potential relief could come from the Organization of the Petroleum Exporting Countries and its allies, which are expected to meet on Wednesday to discuss the oil markets. So far, there is little indication that the group is willing to do more than agree to go ahead with its usual 400,000 barrels a day of additional supply in April.

Saudi Arabia, the co-leader of the group, called OPEC Plus, has been talking with Biden administration officials about the oil markets, but a deal does not yet seem to have been reached. Discussions are likely to be complicated because Russia is the co-leader of OPEC Plus.

And it is uncertain if there will be enough support at the meeting for an increase in production beyond 400,000 barrels a day. The United Arab Emirates, which along with the Saudis would be expected to be a source of additional oil supplies, recently abstained from the U.N. Security Council resolution condemning Russia’s invasion of Ukraine. That decision “underscores the likely unwillingness” of some countries to bolster production at this time, Ms. Croft said.