After weeks of difficult negotiations, European leaders have agreed to ban most imports of Russian crude and petroleum products by the end of this year.

Last week, oil prices continued their rallies, as demand looks strong with the starting of the US driving season and the gradual reopening in China after two months of strict lockdowns in Shanghai. The prices also rose due to the worsening global oil supply picture.

Last week, oil prices continued fluctuating in the range of $100-113 a barrel. During the week, there was news that moved prices up and down without changing the market’s medium-term outlook.

After an extreme price rally between Feb. 25 and March 8, Oil markets entered a correction mode, with prices moving sharply lower as the rally's dynamics retreated.

The crisis in Ukraine has dominated the headlines in the past two weeks and will likely continue to do so until some form of settlement is reached. In the meantime, it has further enhanced the bullishness on the energy markets.

Over the past few days, reports that a deal to renew the Iran nuclear agreement might be close, sent oil prices lower, with the escalation of tensions over the conflict between Ukraine and Russia not offering significant support.

The psychological barrier of $100 for a barrel of oil, which until recently was viewed as remote, is now a stone’s throw away. On Friday, the price of Brent traded above $93 a barrel, an increase of more than 18 percent since the beginning of 2022.