Oil prices moved up on Friday after new sanctions were imposed on Iran's crude exports but were hurt by U.S. President Donald Trump's renewed trade war on China and threats of tariffs on other countries.

China’s state-run refiners are expected to resell US oil cargoes and seek alternative supplies in the aftermath of Beijing’s response to Washington tariffs, a move that is already pushing up the cost of some replacement grades.

Oil headed for a third weekly decline as President Donald Trump’s tariffs on China and his push for increased domestic production weighed on the demand outlook. West Texas Intermediate was steady near $71 a barrel,