09:09 AM EDT, 03/14/2025 (MT Newswires) -- Oil prices rose early on Friday as Russia appeared to reject a U.S.-backed ceasefire in Ukraine, reducing the chance for the lifting of sanctions on Moscow and the full return of the country's oil to international markets.

West Texas Intermediate crude oil for April delivery was last seen up US$0.58 to US$67.13 per barrel, while May Brent crude was also up US$0.58 to US$70.46.

The rise comes after Russian president Vladimir Putin dithered on accepting a U.S. plan for a 30-day ceasefire, three years after it's full-scale invasion of Ukraine. Putin raised concerns over verification and whether the pause would be used by Ukraine to rest and resupply its forces.

Putin "noted that serious issues remain before the proposal can move forward. Senator Lindsey Graham yesterday expressed skepticism about whether Russia would indeed agree to a halt in fighting and insisted that he is preparing to introduce new "bone-breaking" sanctions and tariff legislation this week to change Putin's calculus", Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, noted.

The rise also comes as Donald Trump expands his trade war with Europe after the European Union retaliated for the U.S. 25% levy on imports of aluminum and steel by putting a 50% tariff on U.S. liquor. Trump responded by saying he will impose a 200% excise tax on European wine and liquor.

"The bankers of New York on their way home this evening, while gracing the wonderful bar in Grand Central Station will be crying 200% tariff tears into their Irish whiskey or French Bordeaux. For that is the new level of threat from Donald Trump as he retaliates to the retaliation of the EU's plan for a 50% tax on imports of US-produced whiskey. And so the circular upping of the ante in a global trade war begins, and the world shivers in its wake," PVM Oil Associates wrote.