Crude prices are up, in part, on new U.S. sanctions on Russian oil. But sanctions have proven not be a good reason to invest. And the U.S., in particular, is awash in oil, keeping gas prices down.

Oil prices rose Friday, touching prices last seen in the fall, as traders digested further U.S. sanctions on Russia.

Oil futures settled lower on Thursday, pulling back as news of an Israel-Hamas cease-fire deal helped to ease some worries about risks to global supplies — though the agreement has reportedly hit a snag and has yet to take effect.