The price of oil fell by about 10 percent this week, easing (for now) supply worries about the E.U. embargo and a price cap. 

Oil tankers waiting at anchorage in the Black Sea off Kilyos near Istanbul, Turkey, on Thursday.Credit...Mehmet Caliskan/Reuters

For months, oil traders have worried that a European Union embargo and a price cap on Russian oil, two measures that took effect on Monday, would lead to a price spike and dangerous shortages of crude.

By Friday, instead of the feared oil shock spikes, prices slid. They are now as low as they’ve been all year, since before Russia’s invasion of Ukraine.

Not everything has gone smoothly. Turkey has blocked tankers, most of them carrying oil for companies operating in Kazakhstan like the joint venture of Chevron and Exxon Mobil, from transiting the narrow Bosporus. Turkish officials are seeking insurance documentation.

But traders have largely shrugged off that news. Oil prices are down by about 10 percent for the week.