Oil achieves weekly gains after soaring on Russia's invasion of Ukraine
Shafaq News/ Oil prices closed on weekly gains amid the war between Russia and Ukraine.
The United States said that sanctions against Russia would not affect energy.
The April Brent crude futures contract closed at $1.15, or 1.2%, to settle at $97.93 a barrel, after climbing as high as $101.99. The more active May contract shed $1.30, or 1.4%, to $94.12.
U.S. West Texas Intermediate (WTI) crude fell $1.22, or 1.3%, to settle at $91.59 a barrel. However, It achieved a weekly profit of $0.86, equivalent to 0.94%.
Brent rose about 4.7%, while WTI was on track to increase about 0.6%., reaching a weekly profit of $4.39, or 4.69%.
On Thursday, Russia's invasion of Ukraine boosted prices above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
The assault was the most significant attack on a European state since World War Two, prompting tens of thousands of people to flee their homes. On Friday, Russian missiles pounded Kyiv; families cowered in shelters, and authorities told residents to prepare Molotov cocktails to defend Ukraine's capital.
On Thursday, U.S. President Joe Biden responded to the invasion with a wave of sanctions that impede Russia's ability to do business in significant currencies, along with sanctions against banks and state-owned enterprises.
Britain, Japan, Canada, Australia, and the European Union also unveiled sanctions, including a move by Germany to halt certification of an $11 billion Russian gas pipeline.
However, a U.S. official said that Russia would not have its oil and gas flows specifically targeted by sanctions. The country is the world's second-largest crude producer and a major natural gas provider to Europe.
"As much as 2.3 million b/d of Russia's 4.6 million b/d of crude oil exports go to the West," Wood Mackenzie said in a note. "We are seeing slowdowns in Russian crude purchases. Until payment terms are clarified, further tightening in the supply and demand balance is expected."