Oil prices edged up on Thursday on concerns about tighter global supply after U.S. tariff threats on Venezuelan oil buyers and earlier sanctions on Iranian oil buyers, while traders weighed the impact of U.S. President Donald Trump’s auto tariffs.
Brent crude futures gained 7 cents, or 0.1%, at $73.86 a barrel. U.S. West Texas Intermediate crude futures rose 10 cents, or 0.1%, to $69.75 a barrel at 0406 GMT.
On Wednesday, oil prices rose by around 1% on government data showing U.S. crude oil and fuel inventories fell last week, and on the U.S. threat of tariffs on nations buying Venezuelan crude.
“The recent (price) uptrend seems to be factoring in the noise around tariffs for buyers of Venezuela oil. We have maintained that Trump’s policies on Iran and Venezuela present the biggest upside risk for oil prices, so that is kind of partially playing out currently,” said DBS Bank’s energy sector team lead Suvro Sarkar.
