In a week marked by price volatility, oil was trading higher on Friday morning.
After sliding $2.68 to $106.02 per barrel on Thursday, U.S. benchmark crude gained $1.83 to $107.85 per barrel.
Brent crude, the worldwide benchmark, increased $2.21 to $111.56 a barrel.
Brent and U.S. benchmark oil are both up more than 40% so far in 2022, though they are still well off their recent highs when U.S. oil soared surpassed $130.
After reaching a high of $130.50, U.S. crude was on course for a weekly drop of nearly 8%.
According to Reuters, Brent was on track to drop roughly 7% after hitting a 14-year high of $139.13. The US House of Representatives passed a measure suspending Russian energy imports on Wednesday, a day after Vice President Joe Biden signed an executive order imposing a similar prohibition.
Prices fell this week as it became evident that the European Union would not follow the US and UK in banning Russian oil. Russia supplies roughly 3 million barrels of crude per day to OECD countries in Europe.