Brent crude oil futures surpassed $73 per barrel on Wednesday, driven by concerns over supply and an unexpectedly significant drop in U.S. crude inventories. On Monday, President Trump enacted an order imposing a 25% tariff on imports from countries procuring Venezuelan oil, potentially disrupting supplies to major refiners in nations such as China, India, and Spain. Additionally, the Trump administration has extended Chevron's deadline to exit Venezuela to May 27. Analysts estimate this withdrawal could decrease production by 200,000 barrels per day. Concurrently, the American Petroleum Institute (API) reported a reduction in U.S. crude oil inventories by 4.6 million barrels over the past week, exceeding market forecasts of a 2.5 million-barrel decline. Nonetheless, gains in oil prices were somewhat restrained as the U.S. facilitated agreements with Ukraine and Russia to cease maritime and energy-related hostilities, consenting to advocate for limited sanctions relief on Moscow—a move that could potentially allow Russian oil to reenter global markets.