Baghdad: Oil prices rose slightly on Thursday, amid concerns about a global supply shortage following US statements about imposing tariffs on buyers of Venezuelan oil, while traders assessed the impact of President Donald Trump’s tariffs on cars: Oil prices rose slightly on Thursday, amid concerns about a potential global supply shortage. The increase came after the United States announced intentions to impose tariffs on buyers of Venezuelan oil, prompting traders to evaluate the broader impact of President Donald Trump’s tariffs on cars.

According to National Iraqi News Agency, Brent crude futures saw a modest increase of 7 cents, or 0.1 %, reaching $73.86 per barrel. Similarly, West Texas Intermediate (WTI) crude futures experienced a rise of 10 cents, or 0.1 %, settling at $69.75 per barrel.

The upward trend in prices followed a previous 1 % increase on Wednesday. This was in response to government data indicating a decline in US crude oil and fuel inventories last week, contributing to concerns over supply constraints in the market.