After reaching highs due to Russia's invasion of Ukraine, oil prices decline.

On Friday, oil prices decreased after an initial increase due to worries about global supply disruptions resulting from sanctions on Russia, a major crude exporter.

The May contract fell $1.30, or 1.4%, to $94.12, while the contract fell $1.15, or 1.2%, to settle at $97.93 a barrel after reaching a high of $101.99.

The price of oil fell by $1.22, or 1.3%, to settle at $91.59 a barrel after reaching a session high of $95.64.

This week, Brent experienced a 4.7% increase, while WTI was predicted to see a 0.6% rise.

Since 2014, Brent reached $105 on Thursday due to Russia's invasion of Ukraine, but later made gains were pared off before the end of trade.

On Friday, Russian missiles struck Kyiv, causing families to seek refuge in shelters and prompting authorities to advise residents to prepare for defense with Molotov cocktails. This attack was the largest on a European state since World War Two, resulting in the displacement of tens of thousands of people from their homes.

On Thursday, President Biden imposed sanctions on Russia that hinder its ability to conduct business in major currencies, as well as sanctions against banks and state-owned enterprises in response to the invasion.

The UK, Japan, Canada, Australia, and the EU announced sanctions, including Germany's decision to halt certification of an $11 billion Russian gas pipeline.

The U.S. official stated that Russia will not be subject to specific sanctions targeting its oil and gas flows, despite being the world's second-largest crude producer and a major natural gas provider to Europe.

Wood Mackenzie stated in a note that up to 2.3 million barrels per day (b/d) of Russia's 4.6 million b/d of crude oil exports are directed to the West. The company noted that there are slowdowns in Russian crude purchases. Until payment terms are clarified, it is expected that there will be further tightening in the supply and demand balance.

Biden announced that the US is collaborating with other nations to release more oil from their strategic reserves.

The SPR (Strategic Petroleum Reserve) talk is still being discussed, which has been a negative factor, but the uncertainty leading into the weekend will be beneficial, according to Phil Flynn, senior analyst at Price Futures Group in Chicago.

Despite calls from Washington for a global coordinated oil release, China has increased its oil reserve purchases this year, even as oil prices rose.

Western banks and shipping companies are finding it difficult to provide guarantees or ships to top buyers of Russian oil, sources told Reuters.

Despite crude oil reaching $100 a barrel, OPEC+ sources indicate that the group is unlikely to deviate from its planned output increase of 400,000 barrels per day in April, as no cracks have been observed in the deal among oil producers.

On Wednesday, the alliance comprising the Organization of the Petroleum Exporting Countries and other oil-producing nations will convene to make a decision.

The number of oil-directed drilling rigs increased by 2 to 522 in the week ending February 25, according to data from Baker Hughes.

The number of net long U.S. crude futures and options positions held by money managers decreased by 21,204 contracts to 274,132 in the week ending Feb. 22, according to the U.S. Commodity Futures Trading Commission (CFTC).