Oil prices are on track to achieve gains for the third consecutive week as market participants anticipate a tightening in global supply.

This expectation is driven by increased pressure from the United States on both Venezuelan and Iranian oil trade.

The U.S. administration has implemented additional sanctions, which have raised concerns about further disruptions in oil supplies from these countries.

As of the latest trading session, there was little change in Brent crude oil futures, which remained steady at $74.03 per barrel.

Meanwhile, West Texas Intermediate (WTI) crude prices saw a marginal increase, rising by one cent to $69.93 per barrel.

The fluctuations in prices reflect ongoing market sensitivity to geopolitical developments and the economic environment.

Additionally, there are apprehensions regarding the demand side of the equation, primarily related to the impact of recent U.S. tariffs.

The potential consequences of these tariffs have cast a shadow over oil markets, raising questions about future consumption patterns and overall demand.

Market analysts are closely monitoring these developments as geopolitical tensions continue to influence oil supply dynamics.

The interplay between supply constraints from specific nations and concerns over global demand due to economic policy changes remains a focal point for traders and industry stakeholders.