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.

On Jan. 10, the U.S. Treasury announced fresh measures to deplete Russia's energy revenues, including on 183 vessels, largely oil tankers.

The sanctions imposed by the United States on January 10 against the Russian oil sector have halted about one-tenth of Russia's shadow fleet. The value of the oil it transports could exceed $3.5 billion.

Oil futures settled higher Wednesday, finding support after snapping a three-day winning streak that had been driven in part by wider U.S. sanctions on Russia as well as cold weather in much of the U.

US drivers could see lower gas prices this year and next as oil supply outpaces demand. The US will continue to ramp up output from record levels, the EIA said.

Oil prices slipped on Tuesday after a U.S. government agency forecast steady U.S. oil demand in 2025 while lifting its forecast for supply.

In the U.S., energy policies can change dramatically with each new president, creating a lot of uncertainty for industries like oil and gas.

South Korea is interested in importing more U.S. oil and gas to diversify energy sources and ensure stable supplies given tensions in the Middle East, the country's industry minister Ahn Duk-geun said on Thursday.

South Korea is considering buying more oil and gas from the US to diversify its energy sources and also potentially head off the threat of President-elect Donald Trump’s proposed tariffs.

BP is planning to cut more than 5% of its 90,000-strong workforce as part of a cost-cutting drive. The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year.

BP is cutting 4,700 jobs and 3,000 contractor roles as part of a drive to "simplify and focus" the oil giant, it said on Thursday.

According to the military, the targeted oil depot stored fuel, which was used for the needs of the Russian army. The statement came after Russian reports of the oil depot on fire in Voronezh Oblast. The village of Liski in Voronezh Oblast lies over 150 kilometers (98 miles) east of the Ukrainian border.

Ukrainian forces attacked the Liskinskaya oil depot near Russia's Voronezh, which is part of the Rosneft structure, according to the General Staff of the Armed Forces of Ukraine and the Special Operations Forces.