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Oil prices skyrocketed after Russia invaded Ukraine; it hit its highest levels after 2008; however, it has pulled back a bit this week, wishing that some producing countries may act to improve supply. However, worries about escalating bans on Russian oil persisted and were back in focus likewise on Friday.

Brent crude futures rose $2.86, or 2.6%, to $112.19 a barrel by 1016 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $2.71, or 2.6%, to $108.73 a barrel.

Brent was on track for a weekly decline of 5.4% after beating $139.13 on Monday. U.S. crude had a weekly drop of 6.2% after touching a high of $130.50 on Monday. Both contracts last connected these price peaks in 2008.

Last week Brent increased over 20%, its most significant weekly rise in percentage terms since May 2020 when Brent traded below $30 a barrel.

This week, volatility was fuelled as the Russia-Ukraine conflict forced the United States and many Western oil firms to stop buying Russian oil amid talk of potential supply additions from Iran, Venezuela, and the United Arab Emirates.

EU Is Not Banning Russian Oil

Commerzbank (DE: CBKG) analysts stated they now forecast Brent to trade past $100 a barrel in the second quarter and around $90 a barrel by the end of the year.

Russia is the world’s top exporter of crude and oil products mixed, with exports of around 7 million BPD, or 7% of global supply.

The European Union, heavily reliant on Russian energy, has not entered the United States and Britain banning Russian oil.