The United States is "very open" to imposing sanctions on Russia's oil and gas industry, White House press secretary Jen Psaki said.

She added that Washington is weighing their possible impact on global markets and US energy prices.

Asked whether Washington and its Western allies would impose sanctions on Russia's vast energy sector, Psaki said, "We are very open."

"We’re considering it. It’s very much on the table, but we need to weigh what all of the impacts will be," she added.

President Joe Biden's administration has said it may block Russian oil if Moscow continues its aggression against Kyiv. However, on Wednesday, Psaki said the White House was weighing up how this could shake markets.

Oil prices hit an eight-year high, peaking at $113.02 a barrel.

OPEC+ oil producers, meanwhile, plan to stick to moderate production increases, according to a draft plan seen by Reuters.

"What we also factor in...is how we can maximize the impact and the squeeze on (Russian) President (Vladimir) Putin and the financial sector...," Psaki said. "But we want to minimize the impact on the global market place and that includes the global oil marketplace and the impact of energy prices for the American people. We’re not trying to hurt ourselves, we’re trying to hurt President Putin and the Russian economy,” Psaki added.

On Tuesday, the United States and its allies agreed to release 60 million barrels of oil reserves to make up for supply disruptions.