Initially the prices rose, because a lot of people thought that Russia won't be able to sell it's crude. But that is not the case, as countries such as China, India and Indonesia are mopping up the supplies from Russia at discounted rates. Even the United States has used this opportunity to increase the imports from Russia (and that is despite the "ban"). The supply crunch for crude oil has not worsened, despite the OPEC decision to not to increase the production. Unless the new set of sanctions explicitly target countries that purchase crude from Russia (that can't be ruled out, given the pro-OPEC leanings of Biden), I foresee the prices to remain in $100-120 per barrel range.