Oil futures were slightly lower early Friday, but on track for a fourth straight week of gains after wider sanctions against Russia’s energy industry tightened supply.

Oil price risks are skewed to the upside due to sanctions supply disruptions, said Samantha Dart, co-head of global commodities research at Goldman Sachs. The Energy Select Sector SPDR Fund ETF (XLE) is up 8.

Oil prices on the New York fuel exchange remain high due to concerns about threats to the global supply of this resource, with U.S. oil reserves experiencing the longest series of declines since 2021,