Oil prices rose on Friday but retreated from session highs after U.S. President Donald Trump threatened sanctions on Russia over its continued military actions in Ukraine. Brent crude settled up $1.10 (1.58%) at $70.56, while WTI gained $1.06 (1.6%) to close at $67.42. Both benchmarks had hit intraday highs of $71.40 and $68.22, respectively, before paring gains.
For the week, Brent fell 3.8%, marking its biggest weekly decline since November, while WTI dropped 3.6%, its worst since January. Prices had earlier been pressured by OPEC+’s decision to increase output in April by 138,000 barrels per day, alongside a larger-than-expected U.S. crude inventory build.
Russia’s Deputy Prime Minister Alexander Novak suggested OPEC+ may reconsider production policy after April, contributing to price volatility. Meanwhile, U.S. Treasury Secretary Scott Bessent signaled a renewed effort to curb Iranian oil exports, with reports indicating a plan to inspect Iranian tankers at sea.
On the trade front, Trump suspended 25% tariffs on most Canadian and Mexican goods until April 2, though steel and aluminum tariffs will still take effect on March 12. The uncertainty surrounding U.S. trade policy and concerns over an oversupplied market continue to weigh on oil prices.