08:51 AM EST, 02/07/2025 (MT Newswires) -- Oil prices early on Friday rebounded from three days of losses as the Trump Administration tightened sanctions on exports from Iran.

West Texas Intermediate (WTI) crude oil for March delivery was last seen up US$0.42 to US$71.03 per barrel, while April Brent crude climbed US$0.45 to US$74.74.

The rise comes as U.S. President Donald Trump followed through on promises to increase pressure on Iran, raising sanctions on buyers of the country's oil. The U.S. Treasury Department introduced sanctions on "entities and individuals in multiple jurisdictions, including the PRC, India, and the United Arab Emirates, as well as several vessels" facilitating Iranian oil exports to China, according to a department press release.

Despite the increase, oil remains pressured by rising production and higher inventories. WTI prices are down 12% from the January high of US$80.04 on flush U.S. inventories, with the Energy Information Administration on Wednesday saying stocks rose by 8.7-million barrels last week, while OPEC+ reiterated plans to add supply to the market beginning in April.

U.S. trade policy is also clouding markets, with the Trump Administration imposing a 10% tariff on imports from China and threatening 25% levies on imports from Canada and Mexico, the two largest U.S. trading partners.

"Oil prices are taking an overall dim view of a world bounded by tariffs and the grind lower continues. The oil suite is losing its sheen, the New Year attraction of financial monies from stock markets, which went through a period of self-assessment, is likely finding its way back into the current global bourse revival," PVM Oil Associates noted.