Oil prices dip after soaring on Ukraine invasion: Al Attiyah Foundation – The Peninsula

Oil prices dip after soaring on Ukraine invasion: Al Attiyah Foundation – The Peninsula

Doha: Oil prices slipped Friday after sharp rises early in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia. Brent crude futures contract fell $1.15, or 1.2 percent, to settle at $97.93 a barrel, after climbing as high as $101.99. US West Texas Intermediate crude fell $1.22, or 1.3 percent, to settle at $91.59 a barrel, after hitting a session high of $95.64.

For the week, Brent rose about 4.7 percent, while WTI was on track to rise about 0.6 percent. 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.

On Thursday, several countries responded to the invasion with a wave of sanctions that impede Russia’s ability to do business in major currencies along with sanctions against banks and state-owned enterprises. However, Russia will not have its oil and gas flows specifically targeted by sanctions, a US official said.

The country is the world’s second-largest crude producer and a major natural gas provider to Europe. Meanwhile, US President Joe Biden said the United States is working with other countries on a combined release of additional