Oil prices climbed on Wednesday as the US intensified measures to curb Venezuelan and Iranian oil exports, raising supply concerns. Brent crude futures rose by 0.3% to $73.22 per barrel, while US West Texas Intermediate crude increased to $69.20 per barrel.
The recent executive order signed by President Trump imposing a 25% tariff on countries purchasing Venezuelan oil has already stalled trade to top buyer China. Additionally, new sanctions on Iran’s oil sales, targeting Chinese refineries and vessels, have added to supply uncertainties.
A larger-than-expected drop in US crude inventories, with a decline of 4.6 million barrels, further supported prices. However, analysts warn that potential economic slowdowns due to tariffs may limit further gains. Recent diplomatic agreements between the US, Ukraine, and Russia to reduce energy-related attacks also add a layer of uncertainty to the market’s trajectory.
