U.S. Sanctions and Tariffs Tighten Oil Supply, Driving Prices Higher

Global oil prices near one-month highs, with a third consecutive week of gains, as U.S. policies disrupt Venezuelan and Iranian crude trade.

Oil prices are set for a third weekly gain, with Brent crude at $74.11 per barrel, reflecting a 2.5% rise this week.
New U.S. tariffs on buyers of Venezuelan oil and sanctions on Iranian crude exports have created tighter global supply conditions.
Venezuelan oil exports to China, its largest buyer, have stalled, while India's Reliance Industries is reportedly halting Venezuelan imports.
U.S. crude inventories dropped by 3.3 million barrels, surpassing expectations and signaling stronger domestic demand.
Analysts caution that sustained price increases are unlikely due to economic uncertainty from U.S. trade policies and fears of a global slowdown.