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Prices of oil dropped abruptly on Wednesday due to disruptions in supply caused by Russia’s invasion of Ukraine.

WTI crude oil tumbled more than 13% to trade at $108 per barrel. WTI reached $130 per barrel briefly earlier in the week as geopolitical tensions escalated. Brent crude oilInternational benchmark Brent dropped 12% to $112. Brent hit $139 Monday. It was its highest level since 2008.

Losses were driven by no one specific headline. However, traders could profit from Tuesday’s highly speculated announcement that the U.S. would ban oil imports from Russia.

In a note, Ed Moya (senior market analyst at Oanda) stated that the world was working together to address surging oil prices.

However, crude oil prices rose 15% this month as Russia invades Ukraine.