Crude oil price rises above $74 amid U.S. sanctions, trade war concerns 

U.S. West Texas Intermediate (WTI) crude also climbed 5 cents (0.1%) to $69.97 per barrel.

Both benchmarks have gained roughly 2.5% this week and about 7% since hitting multi-month lows in early March.

Reuters reported that the price rally on Friday marked a third consecutive weekly gain, and is attributed to escalating U.S. sanctions on Venezuela and Iran by the United States.

“The potential loss of Venezuelan crude exports to the market due to secondary tariffs and the possibility of similar restrictions on Iranian barrels has created an apparent tightness in crude supply,” June Goh, senior oil analyst at Sparta Commodities, told Reuters.

Experts say the recent oil price rally is largely driven by shifting global sanctions.

Meanwhile, India’s Reliance Industries, which operates the world’s largest refining complex, is set to halt Venezuelan oil imports, according to sources familiar with the matter.

In addition to supply constraints, signs of stronger demand in the U.S. provided further support to oil prices.

“While the market is suffering under extreme uncertainties, we are holding to our forecast for Brent crude to average $76 per barrel in 2025, down from $80 per barrel in 2024,” BMI analysts wrote in a market commentary.

A high crude oil price means improved revenue for the country. However, experts say it could have an inflationary impact on citizens.