The oil prices dip Friday morning after the price of European reference crude Brent peaked at USD 105 per barrel on Thursday.

Both Brent and US benchmark West Texas Intermediate are expected to go up again, however, in the wake of Russia's recent invasion of Ukraine and the accompanying consequences, writes Reuters.

A barrel of Brent costs USD 101.31 Friday morning against USD 103.60 Thursday afternoon. WTI trades concurrently at USD 94.87 against USD 96.81 Thursday afternoon.

The military offensive in Ukraine sparks supply concerns around the world, as markets brace for the potential impact of trade sanctions against Russia, a major exporter of crude.

As a response on the invasion, US President Joe Biden imposed a slew of sanctions against Russia Thursday with the aim of inhibiting the nation's ability to do business in major currencies and going after banks and state-owned companies.

On Thursday, the attack on Ukraine sent the oil prices past USD 100 per barrel for the first time since 2014.

Reports from the US reveal that the Biden administration is now working with other large nations on a coordinated release of reserves aimed at remedying the surging oil prices.

"The initial concerns that oil would be caught up in any sanctions on Russia has eased, resulting in prices pulling back from yesterday's rally," says Daniel Hynes, senior analyst at at Australia & New Zealand Banking Group Ltd, to Bloomberg News.

Despite a potential ease in the oil market, it requires a very release of oil stockpiles to have any real influence on the price level, writes Bloomberg News.

European energy prices soar after Russia attacks Ukraine targets

"In our view, today is not a day to talk about financial results"