Crude oil futures were little changed on Friday on mixed U.S. economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine.

Fossil fuel revenues form the backbone of Russia's economy, which has been buffeted by sanctions following Vladimir Putin's full-scale invasion of Ukraine.

European Union member states have approved a new round of sanctions against Russia over its war in Ukraine, featuring an updated oil price cap, tighter banking restrictions, and limits on fuels derived from Russian oil.

Fundamentals — supply and demand — took control of oil markets this week.

US President Donald Trump is trying again to end the war in Ukraine – not by targeting Russia, but by hitting the countries that buy Russia’s oil.

Russia now controls more than two-thirds of Ukraine’s Donetsk region — the main theater of the ground war. Russian forces have carved out a 10-mile-deep pocket around the Ukrainian troops defending the crucial city of Kostiantynivka, partly surrounding them from the east, south and west.

India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions, oil minister Hardeep Singh Puri said on Thursday. Earlier this week, U.S. President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days.

“Some of the Russian oil sales could come back as people gain a little comfort.” The headquarters of Bank Rossii, Russia's central bank, in Moscow, Russia, on Monday, Feb. 28, 2022.

The Russian oil industry, though, is likely to experience a wrenching reworking about how it does business in the coming weeks, months and even years. In the short term, ...