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Oil prices held firm near one-month highs on Friday, eyeing a third straight weekly gain, driven by tightening global supply concerns. U.S. sanctions and tariffs targeting oil exports from Venezuela and Iran have injected fresh volatility into global energy markets.
Brent crude futures edged down 8 cents to $73.95 a barrel, while U.S. West Texas Intermediate (WTI) crude also slipped 8 cents to $69.84. Despite the minor dip, both benchmarks have climbed over 2% this week, supported by growing supply constraints and signs of stronger U.S. demand.
The U.S. recently imposed 25% tariffs on countries purchasing Venezuelan crude, days after extending sanctions on Iran, particularly affecting China's oil imports. The move prompted top Venezuelan crude buyer China to pause purchases. India’s Reliance Industries, which runs the world’s largest refinery, is also reportedly halting Venezuelan imports.
Supply-side pressure was further intensified by a larger-than-expected drop in U.S. crude inventories. The Energy Information Administration (EIA) reported a 3.3 million barrel drawdown last week, reducing stockpiles to 433.6 million barrels. Analysts had forecasted a modest 956,000-barrel decline.
While tightening supply and improved U.S. demand support bullish momentum, market sentiment remains cautious. Analysts warn that escalating U.S. trade measures could trigger economic slowdowns, potentially weighing on global oil demand and capping long-term price gains.
The combination of geopolitical tensions, reduced supply from sanctioned nations, and shifting trade dynamics has created a complex and uncertain outlook for oil markets. Investors are closely watching further policy moves and global economic indicators to gauge where prices may head next.
