Reuters: oil is poised for third weekly gain on supply concerns

On Friday, oil is holding near a one-month high. Reuters expects its prices to continue to rise for a third consecutive week.

The growth is driven by concerns over tighter global supplies due to new US restrictions on Iran and the imposition of 25% tariffs against countries that buy oil and gas from Venezuela. The news agency reports that Brent and WTI crude rose by 2% this week.

Donald Trump's order introducing new duties has added to market uncertainty and resulted in the halt of Venezuelan oil supplies to top buyer China.

Oil was also supported by improved demand in the US. As reported by Reuters, the country's crude stocks fell more than expected.

However, the global oil market is facing heightened uncertainty. The rapid imposition of US tariffs on its trading partners raises concerns about a sharp economic slowdown in the country, which could negatively affect energy demand. In the current environment, analysts do not expect gains in oil prices to be steady, Reuters reports.