Crude oil futures rose above USD 69/barrel, driven by supply concerns and a significant drop in US crude inventories. The Trump administration’s 25% tariffs on imports from countries purchasing Venezuelan oil could disrupt flows to key refiners, particularly in China, India, and Spain. The decline in US crude oil inventories exceeded expectations, but oil’s gains were capped by US-backed deals to halt sea and energy attacks between Ukraine and Russia, which could pave the way for Russian oil to reenter global markets.