Oil prices saw a sharp rise during the week ending March 4 amid the ongoing war between Russia and Ukraine, stoking fears of disruptions to energy supplies.
International benchmark Brent crude oil traded at $112.60 per barrel at 1213 GMT on Friday, posting a 10.4% gain from the Monday session that opened at $101.98 a barrel.
American benchmark West Texas Intermediate (WTI) registered at $110.06 per barrel at the same time on Friday, increasing 15.8% relative to the opening price of $94.99 a barrel on Monday.
Talks between Russia and Ukraine held in Belarus on Monday failed to result in an agreement, but the second round of talks on Thursday offered hope when both sides agreed on a plan to create a humanitarian corridor.
The price of oil climbed above $100 on Monday, as some Russian banks were banned from the SWIFT international banking system in a move to limit the ability of Russia in the global financial system and international foreign trade.
Brent was up by 6.6% to $107.67 on Tuesday compared to Monday's closing of $100.99, while WTI showed an 11.5% increase to $106.78 from the previous session closing at $95.72.
Prices came under pressure on the sustained aggression in Ukraine and the inconclusive outcome of the first round of negotiations between Ukraine and Russia.
On Wednesday, oil prices spiked to new highs, after 23-members of the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, met via videoconference and agreed to adhere to the current plan of increasing output by 400,000 barrels per day (bpd) through April
The meeting did little to quell the global oil market or bring down prices, as Brent hit $115.11 and WTI reached $107.12 on Wednesday after the meeting concluded.
The war between Russia and Ukraine caused oil prices to skyrocket on Thursday as fears of supply disruptions amid sanctions targeting the Russian economy increased.
On Thursday, Brent crude hit its highest level since May 2012 and WTI also saw highs not seen since September 2008, rising to $119.84 a barrel and $116.57 a barrel, respectively.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr