Oil prices rose in early Asian trading on Friday, and were set for their second consecutive weekly gains, after fresh US sanctions on Iran and a new OPEC+ output plan raised bets on tightening supply.

That marked Washington's fourth round of sanctions against Iran since Trump in February vowed to reimpose a "maximum pressure" campaign on Tehran, pledging to drive the country's oil exports to zero.

OPEC+ urged seven members to further cut output to make up for producing more than agreed levels. The plan would represent monthly cuts of between 189,000 bpd and 435,000 bpd, and will last until June 2026.

US crude imports from Canada fell to the lowest in two years, but crude inventories rose more than expected last week as domestic crude production stayed near a record high, the EIA said.

Trump already imposed tariffs on imported crude from Canada and Mexico but then issued exemptions for producers who can prove they comply with the trade agreement between the three countries.

Russia demanded Ukraine pull back its troops from four regions Moscow claims it annexed, renounce any prospect of joining NATO, and sharply demilitarise — proposals that are at odds with Kyiv's ambitions for peace.

WTI crude’s rally is evident with higher lows and higher highs. The potential resistance at $70 could be an entry point for bears to build some exposures.

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