Crude oil prices rebounded this week, supported by a delay in the implementation of new U.S. tariffs and concerns about potential Russian oil production cuts.

Oil prices rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect before April,

Oil prices declined on Thursday amid growing optimism about a potential peace deal for Ukraine, which could lead to increased Russian oil supply and lower prices.

Oil prices could tumble if U.S. President Donald Trump is able to make good on his campaign promise to end the war in Ukraine. Trump said Wednesday that he and Russian President Vladimir Putin had agreed on a “lengthy and highly productive phone call” to open immediate talks to end the conflict,