Baghdad: Oil prices rose on Wednesday, supported by a decline in crude and fuel inventories in the United States last week, and concerns about a supply shortage after US President Donald Trump threatened to impose tariffs on countries importing Venezuelan oil. By 16:11 GMT, Brent crude futures rose 82 cents (1.12%) to $73.84 a barrel, and US West Texas Intermediate (WTI) crude futures rose 82 cents (1.19%) to $69.82 a barrel, with both crudes rising by more than $1 during the session.

According to National Iraqi News Agency, the US Energy Information Administration reported that crude inventories fell by 3.3 million barrels to 433.6 million barrels in the week ending March 21, exceeding analysts’ expectations of a 956,000-barrel decline, as gasoline and distillate inventories declined due to increased refinery production.

Venezuelan oil deals with China, its largest buyer, were halted on Tuesday after Trump threatened to impose a 25% tariff on imports from any country that buys Venezuelan oil, in an executi
ve order he signed on Monday.