Oil prices are set to increase for the third consecutive week as anticipation builds for additional tariffs from the Trump administration expected to be implemented early next week.

Brent was close to $74 per barrel after a 0.3% increase on Thursday, while West Texas Intermediate stood at under $70. The upcoming reciprocal tariffs and a duty on purchasers of crude oil from Venezuela are scheduled to be enforced on April 2, marking the latest in a series of US tariffs that have unsettled global markets.

Oil prices have been on the rise since early March as investors consider the impact of President Donald Trump's sanctions and tariffs on supply. Traders have been acquiring bullish options to mitigate risks associated with sudden price surges. Venezuela has also elevated its crude oil exports to China to the highest level in nearly two years.

The potential reduction in crude oil supply has been somewhat balanced by concerns about weakening demand and increasing supply, with major trading companies holding a pessimistic outlook on crude oil prices for the remainder of the year. Next month, OPEC+ is expected to commence the gradual resumption of previously halted production, the first phase in a series of planned increases.

Kim Kwangrae, a commodities analyst at Samsung Futures Inc., noted that the market fundamentals are fragile. Recent price hikes have been supported by US sanctions and tariffs, while geopolitical tensions have contributed to uncertainty.

To subscribe to Bloomberg's Energy Daily newsletter, click here.