Oil Prices Surge for Third Straight Week as U.S. Tariffs Loom

Oil is set for its third consecutive weekly gain as markets brace for new tariffs from the Trump administration, scheduled to take effect this week.

Oil prices have been rising since early March as investors assess supply disruptions caused by Trump’s sanctions and tariffs. I Photo: C.Stadler/Bwag Wikimedia Commons

Brent crude traded near $74 a barrel after closing 0.3% higher, while West Texas Intermediate (WTI) remained below $70, Weilun Soon reported for Bloomberg News.

The latest round of U.S. tariffs, including reciprocal levies and duties on crude buyers from Venezuela, is set to take effect on April 2. These measures are the latest in a series of trade actions that have unsettled global markets.

Oil prices have been rising since early March as investors assess supply disruptions caused by Trump’s sanctions and tariffs. Traders have increasingly turned to bullish options to hedge against potential price spikes.

Meanwhile, Venezuela has ramped up crude exports to China, reaching their highest levels in nearly two years.

Despite these price gains, some analysts remain cautious about long-term trends. Concerns over weaker demand and rising supply continue to temper market sentiment. Leading commodity trading firms have taken a bearish stance on crude prices for the remainder of the year.

Next month, OPEC+ is set to begin restoring previously idled production, marking the first in a series of planned output increases.

“Fundamentals are weak,” said Kim Kwangrae, a commodities analyst at Samsung Futures Inc. He noted that while U.S. sanctions and tariffs have driven recent price gains, broader geopolitical tensions have added to market uncertainty.