Oil prices climbed about 1.5% on Thursday after a U.S. court temporarily blocked President Trump’s wide-ranging import tariffs, offering markets a brief reprieve from concerns about global economic growth.
Brent crude traded at approximately $65.84 per barrel, while U.S. West Texas Intermediate (WTI) rose to near $62.74. Traders remain attentive to several factors that could reshape the supply outlook, including possible new sanctions targeting Russian oil and an upcoming OPEC+ meeting to decide whether to raise production in July.
Supply-side risks have also been highlighted by Chevron’s recent exit from Venezuela, following the loss of its operating license there, which removes a meaningful source of crude that had contributed to global flows. Even with these disruptions, analysts generally see demand continuing to outpace available supply through at least August, supporting prices in the near term.
Market participants are balancing the immediate positive reaction to eased tariff uncertainty against the longer-term implications of geopolitical moves and policy decisions. Any escalation in sanctions or a decision by OPEC+ to keep production steady or cut output would likely tighten global balances and put upward pressure on crude prices. Conversely, a large production increase or signs of slowing demand growth could cap gains.
For now, the mix of restricted supplies from Venezuela, the prospect of additional Russian measures, and uncertainty around OPEC+ policy is helping sustain oil’s recent gains. Traders will be watching economic indicators, shipping and inventory reports, and political developments closely for further signals on how the market will evolve in the coming weeks.