Oil prices surged Monday morning on the unexpected news that OPEC+ will cut production by an additional 1.16 million barrels per day amid fears about global supply and market tightness, particularly in the second half of the year.

The surprise announcement caused benchmark prices to jump by more than 6.2%, the largest single-day increase in nearly a year.

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International benchmark Brent crude was trading around $84.40 on Monday, a $4.60 jump from the previous day of trading, after rising as high as $86.44 per barrel earlier in the day.

West Texas Intermediate, meanwhile, saw prices of $80.27 per barrel — a similar jump of 6.1% from Friday.

The spike comes after OPEC+ said yesterday it would cut its oil production by an additional 1.15 million bpd on top of previous cuts it announced last year––putting the total volume reduction by about 3.36 million bpd.

The Biden administration said Sunday that move was not advisable given current market conditions.

"We don’t think cuts are advisable at this moment given market uncertainty - and we’ve made that clear," a spokesperson for the National Security Council said, according to Reuters.

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"We will continue to work with all producers and consumers to ensure energy markets support economic growth and lower prices for American consumers," theperson added.