U.S. President Joe Biden is expected to deliver remarks Thursday on his administration's plan to lower gas prices, which have seen ongoing increases since oil prices surged after Russia invaded Ukraine in late February, prompting sanctions on the country.

Brent crude, the world benchmark, soared to about US$139 earlier this month, the highest since 2008, and was near $110 a barrel in Asian trading on Thursday.

According to reports, the Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve as part of the effort to lower gas costs.

The move would mark the third time the U.S. has tapped its strategic reserves in the past six months and would be the largest release in the nearly 50-year history of the reserve.

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