Brent crude prices rise above $74/barrel

27/03/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose on Thursday as markets assessed the risks of the escalating trade war, coinciding with concerns over potential supply shortages.

 

Brent crude futures for May delivery rose over 0.3%, or $0.24, to $74.03 a barrel.

 

Additionally, futures prices for US West Texas Intermediate (WTI) crude for May delivery added 0.4%, or $0.27, to $69.92 per barrel.

 

India's Reliance, operator of the world's biggest refining complex, will halt Venezuelan oil imports after the US announced a 25% tariff on nations buying crude from the South American nation, three sources said on Wednesday, Reuters reported.

 

Markets are anticipating whether the Trump administration will impose tariffs on crude oil and petroleum product imports from Canada next week. The US president is expected to announce additional trade restrictions against several countries on Wednesday.

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