Oil holds near one-month high, set for third week of gains amid supply woes

The news around Trump's tariffs on autos may actually turn out to be a net positive for crude oil because the rise in new car prices from tariffs will mean it slows down the switch to newer, more fuel-efficient models,

said Tony Sycamore, a market analyst at IG

The U.S. announcement of a 25 percent tariff on countries importing Venezuelan oil and gas further exacerbated supply worries, as it could lead to reduced exports and price discounts."

David Goldman, head of trading at Novion

If Venezuelan crude is essentially off limits to everyone except for the United States, Russia is probably the next largest source of heavy crude supply."

David Goldwyn president of consultancy Goldwyn Global Strategies

This arbitrary, illegal, and desperate measure, far from weakening our resolve, confirms the resounding failure of all sanctions imposed against our country,

Venezuela's government said in a statement (per Reuters

Donald Trumppresident

If they buy their oil from Venezuela, they have to pay a 25% tariff to do business with the United States —that's on top of existing tariffs."

President Donald Trump