HOUSTON- Oil prices gained on Friday but retreated from session highs after US President Donald Trump threatened sanctions on Russia if it fails to reach a cease-fire with Ukraine.
Brent crude futures settled at $70.36 a barrel, up 90 cents, or 1.3 percent. West Texas Intermediate futures finished at $67.04, up 68 cents, or 1.02 percent.
Trump said in a post on Truth Social that he was “strongly considering” sanctions on Russian banks and tariffs on Russian products because its armed forces continue attacks in Ukraine.
In early trade, Brent jumped as high as $71.40, while WTI hit $68.22 after Russia’s Deputy Prime Minister Alexander Novak told reporters that the OPEC+ producer group will go ahead with its April increase but may then consider other steps, including reducing production.
“If you don’t like the price of oil, wait a minute,” said Phil Flynn, senior analyst with the Price Futures Group.
Flynn said oil’s moves on OPEC+ and possible Russia sanctions swept aside other news, including delays in Israel and Hamas seeking a permanent cease-fire in Gaza.
“I think it’s been overwhelmed by Russia news,” Flynn said. “It’s all Russia, Russia, Russia.”
