Oil prices inched up due to concerns over decreased global supply following the U.S.'s threat of tariffs on imports of Venezuelan oil, and uncertainty surrounding President Trump's potential tariffs on the auto sector. Brent crude futures increased by 0.2% to $73.93 a barrel, while U.S. West Texas Intermediate crude futures also rose by the same percentage to $69.79 a barrel. The previous day, oil prices had risen by approximately 1% after U.S. inventory data revealed a decrease in crude oil and fuel stockpiles, in addition to the tariff threat on Venezuelan crude buyers. India's Reliance Industries, which runs the largest refinery globally, is set to cease importing Venezuelan oil after the tariff announcement. Market players analyze the impact of Trump's proposed 25% tariff on imported cars and light trucks on oil demand, speculating that it may raise auto prices and potentially impede the shift to more fuel-efficient vehicles. Nevertheless, some believe that the tariffs could, in fact, benefit crude oil as the increased car costs might slow down the transition to greener models. A Dallas Fed survey indicated a slight uptick in U.S. oil and gas activity in the first quarter, despite industry executives expressing pessimism about the sector's future due to elevated costs resulting from Trump's tariffs on steel and aluminum.