Oil prices climbed on Friday but pulled back from session highs after U.S. President Donald Trump warned of potential sanctions on Russia if it fails to reach a cease-fire with Ukraine.<\/p>\n\n\n\n
Trump stated on Truth Social that he was \u201cstrongly considering<\/strong>\u201d sanctions on Russian banks and tariffs on Russian products due to ongoing military actions in Ukraine.<\/p>\n\n\n\n Brent crude futures rose $1.04, or 1.5%<\/strong>, to settle at $70.50 per barrel<\/strong>, while U.S. West Texas Intermediate (WTI) futures increased 68 cents, or 1.02%<\/strong>, closing at $67.04<\/strong>.<\/p>\n\n\n\n Earlier in the session, Brent surged to $71.40<\/strong> and WTI touched $68.22<\/strong> after Russian Deputy Prime Minister Alexander Novak indicated that OPEC+ would proceed with its planned April output increase but might later consider production cuts.<\/p>\n\n\n\n Oil market analysts noted that volatility surrounding OPEC+ production plans and potential Russian sanctions had a greater impact on prices than other geopolitical factors.<\/p>\n\n\n\n \u201cIf you don\u2019t like the price of oil, wait a minute,\u201d said Phil Flynn, senior analyst at Price Futures Group.<\/p>\n\n\n\n Flynn added that the market\u2019s focus on Russia overshadowed developments related to cease-fire talks between Israel and Hamas.<\/p>\n\n\n\n Onyx Capital Group\u2019s Harry Tchilinguirian emphasized that OPEC+ remains conditional on \u201cmarket conditions,\u201d suggesting production adjustments could be made depending on future demand trends.<\/p>\n\n\n\n Brent crude prices had earlier fallen to their lowest level since December 2021 following a rise in U.S. crude inventories and OPEC+ confirming its decision to increase April output by 138,000 barrels per day<\/strong>.<\/p>\n\n\n\nOPEC+ and Supply Concerns<\/h2>\n\n\n\n
Additional Market Influences<\/h2>\n\n\n\n