Hess CEO warns that oil is in a critical condition and calls for global action.

• On Tuesday, the CEO of Hess Corporation told CNBC that he believes nations should take more actions to stabilize oil prices.
• John Hess stated that the oil market is currently in critical condition and requires immediate action.
• The International Energy Agency was urged by Hess to pledge 240 million barrels of oil from strategic petroleum reserves.

On Tuesday, the CEO of told CNBC that he believes the U.S. and other nations should take action to stabilize oil prices, which have been affected by the Russia-Ukraine war.

John Hess stated in an interview on "Squawk Box" that the oil market is currently in critical condition and requires immediate action, before news broke out that President Biden planned to prohibit Russian oil imports to the U.S. starting on Tuesday. Hess has overseen his company's transformation from an integrated oil company to a pure-play exploration and production firm.

The International Energy Agency, comprising the U.S., must declare a "release of 120 million barrels from the strategic petroleum reserves this month and another 120 million barrels in April," according to Hess. "Essentially, this action provides a safety net in the system."

The IEA announced that it would release 60 million barrels of oil from strategic petroleum reserves, but Hess stated that the move was "too little," as it only accounts for 4% of the world's petroleum stock.

The IEA was founded to address shocks and oil disruptions following the Arab embargo in 1974, as suggested by Hess, who believes the current situation calls for the organization's expertise.

Both WTI and Brent futures contracts have surged to their highest levels since July 2008, with WTI increasing by roughly 70% year to date and the international benchmark also rising by 70%.

To prevent an impending economic recession, the United States and the IEA must act promptly, according to Hess. They must take proactive measures.

On Tuesday, oil prices surged to their daily highs due to traders' responses to news of the upcoming U.S. Russian crude import restriction.

The IEA did not promptly provide a comment on Hess' remarks when CNBC requested one.