09:13 AM EDT, 03/28/2025 (MT Newswires) -- Oil prices rose to a month high early on Friday on tightening supply following additional U.S. sanctions on Iran and Venezuela.

West Texas Intermediate crude oil for May delivery was last seen up US$0.13 to US$70.05 per barrel, the highest since Feb. 27, while May Brent crude was also up US$0.07 to US$74.10.

The rise comes as the Trump Administration this week moved to sanction buyers of oil from Iran and Venezuela, placing sanctions on a Chinese refinery importing Iranian crude and threatening to place 25% tariffs on U.S. imports from countries importing oil from Venezuela.

The sanctions come ahead of additional tariffs coming next week from U.S. President Donald Trump, who has promised to impose new levies on U.S. imports from allies, including Canada and Mexico, on April 2, which Trump is calling 'Liberation Day'. The additional levies of up to 25% on U.S. imports threaten to boost inflation and slow global growth.

"There really is no point in listening to the preamble before April 2, the only choice is to wait until the trade restrictions become fact rather than muse. Even then, it will be a hard sell to convince markets that any decision is not ephemeral and sadly for those that await clarity, 'Liberation Day' will probably be yet another notch of threat on the Resolute Desk in the White House to be ignored," PVM Oil Associates wrote.