The price of Brent crude climbed above $30 after U.S. President Donald Trump announced Thursday he spoke with Saudi and Russian leaders and expects a substantial lowering of production levels.

Axar.az reports citing foreign media.

The international benchmark climbed to as high as $30.86 per barrel at 1436 GMT -- a 38.5% increase after closing Wednesday at $22.27. The benchmark retreated to $25.91 at 1544 GMT when its daily gain was 16.3%.

American benchmark West Texas Intermediate (WTI) jumped to $26.94 at 1443 GMT for a daily gain of 28.16% after ending Wednesday at $21.02. WTI fell to $24.51 at 1546 GMT when its daily gain was 16.6%.

Trump said he spoke with his "friend" Saudi Crown Prince Mohammad Bin Salman in a bid to have the Kingdom and Russia lower oil production as prices continue to sit near record lows.

"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump said on Twitter.