09:14 AM EDT, 03/24/2025 (MT Newswires) -- Oil prices rose early on Monday as traders assess new sanctions imposed on Iranian exports last week by the United States, tightening supply ahead of OPEC+'s plan to add 138,000 barrels per day of new supply in April as it returns 2.2-million bpd of production cuts to the market in monthly tranches.

West Texas Intermediate crude oil for May delivery was last seen up US$0.49 to US$68.77 per barrel, while May Brent crude was up US$0.42 to US$72.58.

The United States on Thursday tightened sanctions on Iran's oil sector, including a sanction on a Chinese independent refinery and 12 other entities, cutting its exports, even as it attacks Iranian-backed Houthi militants in Yemen to retaliate for attacks on Red Sea shipping.

Still oil prices have been stuck in a narrow range for much of the month, as sanctions compete with rising supply from OPEC+ and non-OPEC producers, while the impact of threatened U.S. tariffs on Canada and Mexico, its largest trading partners, take effect on April 2, with an uncertain impact on global growth.

"Crude remains rangebound as traders consider new US tariffs, the risk of an economic slowdown, as well as increased OPEC+ supply from next month and the prospect of stepped-up US sanctions lowering supply from Iran," Saxo Bank noted.