Ammon News - Oil prices gained on Friday but retreated from session highs after U.S. 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%. West Texas Intermediate futures finished at $67.04, up 68 cents, or 1.02%.

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.

For the week, Brent was down 3.8%, its biggest weekly decline since the week of November 11. WTI finished down 3.9%, its biggest weekly drop since the week of January 21.

Brent prices fell to their lowest since December 2021 on Wednesday after U.S. crude inventories rose and OPEC+ announced its decision to increase output quotas.

OPEC+ had said it intended to proceed with a planned April output increase, adding 138,000 barrels per day to the market. Reuters