It is descended from Old English wé, which was pronounced something like way in modern English. It is related to German wir, Dutch wij, Frisian wy, and Danish vi.
See also:
... century Decades: 190s 200s 210s 220s 230s - 240s - 250s 260s 270s 280s 290s Years: 237 238 239 240 241 - 242 - 243 244 245 246 247 Events Patriarch Titus[?] ...