Brent crude rose 24 cents (0.3%) to settle at $74.03 per barrel, while WTI gained 27 cents to close at $69.92. This followed a 1% increase on Wednesday, pushing prices to their highest levels since February.
Market focus remained on trade tensions as President Trump announced a 25% tariff on imported cars and light trucks, effective next week, with auto parts tariffs set for May 3. Analysts warn that these tariffs, along with the newly imposed levies on Venezuelan crude buyers, could slow demand.
India’s Reliance Industries, operator of the world’s largest refining complex, plans to halt Venezuelan oil imports in response to the U.S. measures.
Despite tariff concerns, oil prices found support from Wednesday’s EIA data showing a sharper-than-expected 3.3-million-barrel drop in U.S. crude inventories.
Adding to the bullish sentiment, U.S. jobless claims fell last week, signaling economic resilience that could support oil demand. However, analysts at DBS Bank caution that uncertainty over U.S. trade policy may prevent prices from returning to early 2025 highs.