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U.S. Energy Secretary Jennifer Granholm will use talks with nations including India and Japan to rally support for a new effort aimed at capping prices for Russian oil.

President Joe Biden told U.S. oil refiners that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity as the soaring price of gasoline feeds record inflation and fears of a recession.

Oil extended its retreat from a seven-year high, slipping back below $100 a barrel in London, as Russia’s invasion of Ukraine forced traders to grapple with a fluid market environment.

Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency warned of a deepening supply crunch.

Oil was propped up by the biggest decline in U.S. crude inventories this year, signaling a bright spot in a market weakened by COVID-19.

The rapid plunge in oil prices could cut into sales of both tractors and liquid tank trailers as well as the trucks that haul fossil fuel extraction equipment, experts said.

U.S. oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year, the Energy Information Administration said March 11.

Saudi Arabia and Russia’s price war is handing over a multibillion-dollar profit opportunity to the world’s largest oil traders.

DUBAI, United Arab Emirates — Saudi Arabia’s state-run oil giant Saudi Aramco said March 10 it would increase its crude oil production to 12.3 million barrels a day in April, a record amount.

BEIJING — Global stock markets rebounded March 10 from record-setting declines after U.S. President Donald Trump said he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.