BRN nears one-month high!

• BRN crude nears one-month highs amid supply concerns
   
• U.S. tariffs disrupt Venezuelan oil trade, hitting China
   
• U.S. crude stockpiles fell 3.34M barrels, boosting demand
   
• OPEC+ prepares to restart idled production

Brent crude oil prices remained near one-month highs on Friday, poised for a third consecutive weekly gain amid tightening global supply concerns.
 

The recent rally has been fueled by U.S. sanctions disrupting oil trade, particularly affecting Venezuela and Iran. Washington’s newly imposed 25% tariffs on buyers of Venezuelan crude, including China, have led to trade disruptions, with India’s Reliance Industries planning to halt imports of Venezuelan oil.

Additionally, U.S. crude stockpiles fell by 3.34 million barrels last week – more than double the expected decline (-1.6 million barrels) – highlighting strong demand.

However, downward pressure looms as OPEC+ prepares to restart idled production in April, with Russian oil also expected to reenter global markets.
 

Despite short-term price gains, markets remain cautious, as the combination of tightening supply and uncertain global economic conditions continues to shape oil market dynamics.