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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.

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo
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Overview

  • 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.