The high oil prices to the highest level in five weeks due to supply concerns

Oil prices today rose to the highest level in five weeks, amid fears of supplies declining due to warnings to impose additional customs duties on some countries.

Brent crude recorded $ 74.75 a barrel, up 1.5%, while US West Texas Intermediate crude rose by 3.1% to $ 71.48 a barrel.

Analysts pointed out that the decrease in the difference between the two years to the lowest level since July 2024 may weaken the feasibility of exporting American crude, which affects exports.

In a related context, talks of resuming oil exports from the Kurdistan region of Iraq face obstacles, while a Spanish oil company discussed ways to continue its work in Venezuela after informing it of canceling its export license.

Experts believe that these developments may affect global oil prices amid market anticipation of the repercussions of potential commercial policies.