BEIJING (Reuters – Oil prices soared almost $2 per barrel as Russia’s invasion in Ukraine continued to fuel global supply worries as markets prepare for the effects of trade sanctions against Russia, a major oil exporter.

The global benchmark rose $1.99 or 2% to $101.07 per barrel on Friday around 0155 GMT. U.S. West Texas Intermediate oil (WTI), rose $1.89 to $94.70/barrel, or 2.2%

Prices rose to over $100 per barrel on Thursday due to the attack in Ukraine. Brent reached $105, but lost some of its gains at the end.

Massed Russian land, air, and sea assaults on European states were the most severe since World War Two. Tens of thousands fled their homes.

Vivek Dahar, an analyst with Commonwealth Bank wrote that the oil market is particularly susceptible to supply shocks since global oil stockpiles have fallen seven years in a single note.

The United States President Joe Biden issued a series of sanctions to Russia on Thursday following the invasion by Moscow. This includes sanctions that will prevent Russia from transacting in large currencies as well as sanctions that target state-owned banks and other financial institutions.

Dhar said that OPEC+’s spare oil capacity was being questioned due to disappointing OPEC+ production growth. He is referring specifically to the Organization of the Petroleum Exporting Countries and allied producers – such as Russia – and the problems they have had with boosting production. According to Reuters, January’s output by OPEC member countries was lower than the planned increase under a deal.

Although the Biden administration indicated that it might release strategic oil stocks to combat high prices, Dhar said “history suggests” that any drawdown of strategic oil stockpiles would likely provide only temporary relief from high oil price spikes.

Nigeria’s Petroleum Minister has stated, too that OPEC+ is not required to boost planned oil production because of a deal between Iran and the world powers.

Indirect nuclear talks between Iran and the United States have taken place in Vienna. A deal may lead to lifting sanctions against Iran’s oil sales and increasing global supply.

On Thursday, Iranian officials stated on Twitter (NYSE : ) that the West partners in nuclear negotiations must make crucial decisions to reach an agreement.