Brent logs biggest weekly loss in 4 months, US WTI crashes 4%: Goldman Sachs eyes downside risk ahead of OPEC+ supply

US President Donald Trump warned sanctions on Russia if it does not achieve a cease-fire with Ukraine, which caused international crude oil prices to fall from their session highs after rising in the previous session. Global markets were rocked by tariff news that was capped by the possibility of a short-term peace in Ukraine.

In a tweet on his social media platform "Truth Social," Donald Trump stated that he was "strongly considering" imposing trade tariffs on Russian goods and imposing sanctions on Russian banks due to the country's military's ongoing attacks in Ukraine.

Brent crude futures ended the day up 90 cents, or 1.3%, at $70.36 per barrel. The closing price of US West Texas Intermediate (WTI) futures was $67.04, up 68 cents, or 1.02%. Brent saw its largest weekly drop in over four months, down 3.8% for the week, since the week of November 11. The US WTI saw its largest weekly decline since the week of January 21 as it ended the week down 3.9%. The US WTI saw a weekly drop for the sixth consecutive week. After Russia's Deputy Prime Minister Alexander Novak stated that the Organization of Petroleum Exporting Countries (OPEC) producer group will proceed with its April increase but may later consider other measures, such as reducing the supply production, Brent jumped to $71.40 in early trading on Friday, while WTI fell to $68.22.