Brent Settles Above $74
Brent crude oil futures rose 0.3% to settle slightly above $74 per barrel on Thursday, building on gains from the previous day as traders assessed a tightening of crude supplies amid concerns over the impact of new US tariffs on the global economy. Market participants were focused on the risks associated with escalating trade tensions, particularly after US President Donald Trump unveiled plans to implement 25% tariffs on imported cars and light trucks, with auto parts tariffs set to take effect in May. Other supports came from US sanctions, which have heightened supply risks from key producers like Iran and Venezuela. India’s Reliance Industries, operator of the world’s largest refining complex, confirmed plans to halt Venezuelan oil imports following the US threat of 25% tariffs on its buyers. Additionally, data showing a significant drop in US crude inventories by 3.3 million barrels last week provided further support to the market.