From Yahoo Finance: 2025-03-25 20:34:00

Oil prices rose on Wednesday due to U.S. inventory data showing declines and concerns about tighter global supply. Brent crude settled at $73.79 a barrel, WTI at $69.65. U.S. crude inventories fell by 3.3 million barrels last week, deeper than expected. Trump’s threat of tariffs on Venezuelan oil adds to market uncertainty.

Trade in Venezuelan oil to China halted after Trump’s tariff threat. Trump signed executive order for 25% tariffs on countries buying Venezuelan oil. Concerns arise over potential production shutdowns in Venezuela. Analysts predict loss of $4.9 billion in revenue for Venezuela. China already faces U.S. import tariffs.

U.S. sanctions on Iran’s oil sales tighten physical markets. Washington imposes new sanctions on entities involved in Iranian oil sales. OPEC+ may increase production to offset potential losses from Iranian exports. Deals reached with Ukraine and Russia to pause attacks offset support from Venezuela situation. Expectation of more Russian supply on the market.

China and India likely to buy more Russian sanctioned crude oil amid uncertainty over Venezuelan supply. Kyiv and Moscow rely on Washington to enforce deals, expressing scepticism about each other. Oil price gains capped by U.S. deals with Ukraine and Russia. Expectation of increased Russian supply due to geopolitical developments.

Read more: Oil settles up 1% on US crude and fuel stock draw, Venezuela supply worries