The European benchmark North Sea crude ended the session on the Intercontinental Exchange priced 24 cents below the $69.52 it closed at on Thursday.
Brent ends the week on a downward note, remaining below the $70 threshold, though relatively stable, as investors continue to digest the latest European Union and United Kingdom sanctions against Russia due to its invasion of Ukraine and their potential impact on oil supply.
London and Brussels announced on Friday a coordinated action to reduce the cap on Russian oil prices, aiming to hurt Russian oil revenues and increase pressure on Vladimir Putin to bring him to the negotiating table to end the war caused by his invasion of Ukraine.
The measure aims to lower the crude price cap from $60 per barrel to $47.60, which, according to the British government, will directly affect Russian oil revenues that have already fallen by 35% compared to the previous year since May.
The UK and EU announcement followed Donald Trump’s threat earlier this week to impose a 100% tariff on Russia and increase existing ones for countries buying Russian oil unless a peace agreement with Ukraine is reached within 50 days.
