Oil continues to gain on concerns over tighter supply

Reuters reports that oil prices continue to rise on Thursday on concerns over tighter global supply caused by US President’s intentions to impose tariffs on Venezuelan crude buyers.

Against this background, India’s Reliance Industries, the operator of the largest refining complex in the world, is going to halt oil imports from Venezuela, the news agency says. 

Besides, markets estimate that Donald Trump's 25% duties on automobile imports may drive vehicle prices up, as well as slow down the country's shift to more eco-friendly cars. This could have a positive impact on oil prices, IG analyst Tony Sycamore believes. 

Meanwhile, activity in the US oil and gas industry rose slightly in the first quarter of 2025, Reuters reports. However, the survey conducted by the Federal Reserve Bank of Dallas shows that the US energy executives are pessimistic about the sector’s prospects. Such sentiments are driven by an expected increase in pipeline construction and drilling costs caused by import duties on steel and aluminum.