Oil prices headed back towards $110 a barre on Friday, as peace talks between Kyiv and Moscow stalled and the White House warned Beijing that providing military or economic assistance for Russia's invasion of Ukraine will trigger severe consequences from Washington and beyond.
Brent crude futures for May delivery rose 1.3 percent to $108.05 per barrel, while West Texas Intermediate crude futures for April settlement were up 1.6 percent at $104.61.
Despite resuming its advance, oil is considerably below its 14-year highs of about $130 a barrel reached less than two weeks ago.
Russian President Vladimir Putin today accused Ukrainian authorities of stalling talks, saying the Kyiv regime is putting forward more and more unrealistic proposals.
Russian forces pressed their assault on Ukrainian cities, raising concerns that there may be further sanctions on its energy output and a lengthy disruption to supply.
Delay in Iran talks and the International Energy Agency prediction for a sharp fall in Russian oil production also contributed to the upward move.
The agency expects production to fall by 3 million barrels per day from April, due to the sanctions and the voluntary "self-sanctioning" boycott by many buyers.
