MELBOURNE, (Reuters) – Oil prices rose on Friday after a volatile third week. There was little progress in the peace negotiations between Russia and Ukraine. This raised the possibility of tighter sanctions as well as a longer disruption of oil supplies.

Russian President Vladimir Putin warned “traitors, scum,” at home that would help the West on Thursday. He added market jitters over an extended conflict to his speech.

Futures rose $2.43 or 2.3% to $109.07 per barrel at 0141 GMT on Thursday, following a nearly 9% gain on Thursday, the biggest percentage increase since mid-2020.

U.S. West Texas Intermediate oil futures rose 2.7% to $105.73/barrel, adding to an 8.8% gain on Thursday.

Both benchmark contracts ended the week with a decline of 4%. They had traded within a $16 range prior to the rebound. Price levels have declined from the 14-year-highs reached nearly two weeks ago.

“I expect more volatility. Justin Smirk from Westpac Sydney, senior economist said there’s still uncertainty.

Over the course of the week, the supply crunch caused by sanctions against Russia and stalled nuclear talks with Iran fueled the rollercoaster ride.

Analysts believe that Putin’s speech, remarks from a Kremlin spokesperson calling a report about major progress at peace talks “wrong”, and the U.S. president Joe Biden calling Putin an “war criminal” all contributed to Thursday’s surge in buying.

Volatility has kept players from the oil market which, in turn, is likely to increase price swings traders, analysts, and bankers said.

Smirk stated that volatility is inevitable in a market so tight and with such an imliquid paper market.