Oil Prices Near One-Month High as U.S. Sanctions and Tariffs Tighten Supply
New U.S. tariffs on Venezuelan crude buyers and restrictions on Iranian oil trade drive a third consecutive weekly price gain, though broader trade tensions raise demand concerns.
- Oil prices are set for a third straight weekly gain, with Brent crude trading at $74.11 per barrel and WTI at $69.97, driven by tightening global supply.
- The U.S. imposed 25% tariffs on buyers of Venezuelan crude and expanded sanctions targeting China's imports of Iranian oil, disrupting trade flows.
- India's Reliance Industries, operator of the world's largest refining complex, is reportedly halting Venezuelan oil imports due to U.S. sanctions.
- U.S. crude inventories fell by 3.3 million barrels last week, exceeding expectations and signaling stronger domestic demand in the world's largest oil consumer.
- Concerns remain over the long-term impact of escalating U.S. tariffs, including potential levies on auto imports, which could dampen global energy demand.
The Globe and Mail 
Barron's 
