A halt to Russia's war in Ukraine and the easing of sanctions against them could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of Petroleum Exporting Countries, is one of the world's biggest oil producers along with the U.S. and Saudi Arabia.

Oil prices rose on Friday but were headed for a weekly loss on the prospect of more supply entering global markets amid positive US-Iran talks and potential output increases from Opec+ members. Demand concerns as a result of the trade war between the US and China,