Crude oil futures ended higher on Friday, as worries about excess supply in the market eased a bit after the U.S. government announced fresh sanctions on Iranian oil and shipping. Oil was also supported by uncertainty about a quick resolution to Russia - Ukraine conflict. According to reports, Russian president Vladimir Putin dithered on accepting a U.S. plan for a 30-day ceasefire. Putin raised concerns over verification and whether the pause would be used by Ukraine to rest and resupply its forces. Further, the U.S. Department of the Treasury announced a new round of sanctions targeting Iran's oil industry and tankers after reports emerged that Iran's supreme leader Ayatollah Ali Khamenei was rejecting Trump's overtures for new talks.
Benchmark crude oil futures for April rose $0.63 or about 1% at $67.18 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased $0.70 or 1% to settle at $70.58 a barrel on London's Intercontinental Exchange.