New Delhi, March 8 -- Oil prices gained on Friday but retreated from session highs after U.S. President Donald Trump threatened sanctions on Russia if it fails to reach a cease-fire with Ukraine. Brent crude futures settled at $70.36 a barrel, up 90 cents, or 1.3%. West Texas Intermediate futures finished at $67.04, up 68 cents, or 1.02%.

Goldman Sachs sees downside risks to its average Brent forecasts for 2025 and 2026 in the wake of OPEC+'s plans to increase oil output in April, including softer demand based on recent U.S. activity data and tariff escalation.

The output increase is the first since 2022 from OPEC+, which includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies. It is set to begin one...