Oil prices recovered on Monday. Supply concerns persisted after Washington imposed two rounds of sanctions over the past two weeks on the Russian energy sector due to the war in Ukraine

Brent oil futures rose 34 cents, or 0.4%, to $81.13 per barrel at 0042 GMT after closing down 0.62% in the previous session. The West Texas Intermediate contract, which expires on Tuesday, was at $78.47 per barrel, up 59 cents, or 0.8%, after falling 1.02% on Friday. The April contract, which was more active, increased by 36 cents to reach $77.75 per barrel. Both contracts gained more than 1% last week, their fourth consecutive weekly increase, after the Biden administration sanctioned more than 100 oil tankers and two Russian oil producers. According to analyst Tim Evans in his Evans on Energy newsletter, “rising tanker rates on unloaded ships and widening crude oil schedule differences were among the notable knock-on effects, heightening concerns over supplies.”