Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.

Goldman Sachs is warning of potential upside risks to oil prices following U.S. sanctions on Russia's energy sector, with Brent crude already approaching $80 per barrel and the possibility of hitting $90 under certain scenarios.

The cost of transporting Russian oil through the "shadow fleet" has tripled following the implementation of the latest American sanctions package, Bloomberg reported on Thursday, noting that experts anticipate further price increases.

New and more expansive US sanctions against Russia are likely to significantly disrupt oil supplies, the International Energy Agency said on Wednesday. The IEA said in its monthly Oil Market Report: Washington targeted two major oil producers (Gazprom Neft and Surgutneftegaz),