U.S. President Joe Biden's administration is looking for ways to prevent a dangerous spike in oil prices later this year, including the possibility of additional release of the country's crude oil reserves in case of an emergency, Bloomberg reported.

Officials are warning of higher prices this December when EU sanctions on supplies from Russia go into effect unless other steps are taken.

The talks are preliminary and a decision has not yet been made, the sources said. But the discussions underscore U.S. fears that the sanctions themselves could trigger a new crisis in global oil prices. The risk of a future price spike, despite this week's sell-off in the crude market, also fuels the desire to set a price cap on Russian oil sales to relieve pressure.