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Oil prices inched higher on Thursday, supported by concerns over tighter global supply following the U.S. threat to impose tariffs on countries purchasing Venezuelan crude. Brent crude futures rose by 14 cents, or 0.2%, to $73.93 a barrel, while U.S. West Texas Intermediate (WTI) crude futures also gained 14 cents to reach $69.79 a barrel by 0049 GMT.
The modest gains followed a nearly 1% rise on Wednesday after U.S. government data showed a decline in crude and fuel inventories, indicating stronger demand. Further fueling bullish sentiment, the U.S. warned of sanctions against nations continuing to import oil from Venezuela. As a result, India’s Reliance Industries, operator of the world’s largest refining complex, is set to halt Venezuelan crude imports, according to sources.
Meanwhile, market participants are weighing the impact of President Donald Trump’s announcement of a 25% tariff on imported cars and light trucks, starting next week. While higher car prices could dent consumer demand and slow oil consumption, analysts suggest the move may delay the shift to more fuel-efficient vehicles, potentially supporting oil demand in the short term.
"The news around Trump’s auto tariffs may actually benefit oil, as it slows the adoption of newer, more efficient models," said Tony Sycamore, analyst at IG.
In a broader outlook, a Dallas Fed survey revealed that U.S. oil and gas activity saw a slight uptick in Q1. However, energy executives expressed concerns over rising costs due to separate U.S. tariffs on steel and aluminum, which could hinder drilling and pipeline expansion.
Overall, a mix of geopolitical risks, trade tensions, and supply concerns continue to influence oil market sentiment, keeping prices supported.
