Global crude oil prices are on track to average $108/bbl in the second quarter and $102 in the second half of 2022 as Russia’s invasion of Ukraine roils energy markets, according to updated projections from the Energy Information Administration (EIA).

Brent crude oil prices averaged $117 in March, a $20 increase from February, EIA said in its latest Short-Term Energy Outlook (STEO), published Tuesday.

“Sanctions on Russia and other actions contributed to falling oil production in Russia and created significant market uncertainties about the potential for further oil supply disruptions,” researchers said. “These events occurred against a backdrop of low oil inventories and persistent upward oil price pressures.”

The outlook for crude prices remains “highly...