Oil prices dip after soaring on Russia's invasion of Ukraine | Reuters

Oil prices dip after soaring on Russia's invasion of Ukraine | Reuters

Oil prices slipped Friday after sharp rises early in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia.

The April Brent crude futures contract was down $2.29, or 2.3%, to $96.79 a barrel by 1:15 p.m. EST (1815 GMT), after climbing as high as $101.99. The more active May contract shed $1.72, or 1.8%, to $93.70.

U.S. West Texas Intermediate (WTI) crude fell $1.81, or 2%, to $91.00 a barrel, after hitting a session high of $95.64.

For the week, Brent was set to rise about 3.5%, while WTI was on track to fall around 2.2%.

On Thursday, Russia's invasion of Ukraine boosted prices above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.