Oil futures fell sharply on Thursday, as world leaders meeting to discuss actions against Russia for its invasion of Ukraine didn’t mention any new sanctions on Russian oil. “NATO members are not throwin’ away a shot at ratcheting the pressure against Russia right now,” said Edward Moya, senior market analyst at OANDA. However, “they will take time before they have to resort to an oil embargo on Russia.” The U.S. has already banned imports of Russian energy, and the U.K. has said it will phase out imports of Russian oil by the end of the year. West Texas Intermediate crude for May delivery
CLK22,
-3.11%
fell $2.59, or nearly 2.3%, to settle at $112.34 a barrel on the New York Mercantile Exchange after ending Wednesday at the highest front-month contract finish since March 8, FactSet data show.

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