WASHINGTON (dpa-AFX) - Oil prices climbed higher on Friday as worries about excess supply in the market eased a bit after the U.S. government announced fresh sanctions on Iranian oil and shipping.
Oil was also supported by uncertainty about a quick resolution to Russia - Ukraine conflict. According to reports, Russian president Vladimir Putin dithered on accepting a U.S. plan for a 30-day ceasefire. Putin raised concerns over verification and whether the pause would be used by Ukraine to rest and resupply its forces.
The International Energy Agency's warning about growing supply limited oil's upside.
West Texas Intermediate Crude oil futures for April closed higher by $0.63 or nearly 1% at $67.18 a barrel.
Brent crude futures were up $0.70 or 1% at $70.58 a barrel a little while ago.
The U.S. Department of the Treasury announced a new round of sanctions targeting Iran's oil industry and tankers after reports emerged that Iran's supreme leader Ayatollah Ali Khamenei was rejecting Trump's overtures for new talks.
Meanwhile, the U.S. Congress passed a second Continuing Resolution (CR) to extend federal spending and avert a government shutdown through March 14, 2025.
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