oil futures United States WTI added 55 cents, or 0.7%, to $83.49. per barrel, having gained more than $3 earlier in the day.
Russia on Thursday went ahead with its biggest military draft since World War Two, raising concerns that an escalation of the war in Ukraine could further damage energy supplies.
“The bellicose rhetoric from (Russian President Vladimir) Putin is what is propping up this market,” said John Kilduff, a partner at Again Capital LLC in New York.
Supply restrictions from the Organization of the Petroleum Exporting Countries (OPEC) fueled the uptrend, analysts said.
Meanwhile, the European Union is considering a cap on the price of oil, more restrictions on high-tech exports to Russia and more sanctions against its individuals, diplomats said, in response to what the West condemned as an escalation in the war of Moscow.
The European Securities and Markets Authority (ESMA) is also considering a temporary halt to energy derivatives when prices soar.
On the macro front, the Bank of England raised its key interest rate by 50 basis points to 2.25%, saying it would continue to “respond strongly, as necessary” to inflation.
The BoJ rate hike was “smaller than markets had been calculating and defied some expectations that UK monetary authorities might be forced to take more forceful action,” ING bank said.