Oil prices remained near their highest levels in a month on Friday and were set for a third consecutive weekly increase due to concerns about tightening global supply. This was prompted by the U.S. implementing tariffs on countries that purchase oil and gas from Venezuela and placing restrictions on Iranian oil trade.

Brent crude futures saw a slight decline of 8 cents to $73.95 a barrel, while U.S. West Texas Intermediate crude futures also fell 8 cents to $69.84 a barrel. Despite these small drops, both contracts had gained over 2% throughout the week.

The U.S. president's announcement of new 25% tariffs on potential buyers of Venezuelan crude coupled with existing sanctions on China's imports from Iran created uncertainty among buyers. This led to a pause in the trade of Venezuelan oil to China, while India's Reliance Industries, which operates the world's largest refining complex, decided to cease Venezuelan oil imports.

Positive demand indicators in the U.S., the top oil consumer globally, also supported oil prices as crude inventories in the country fell more than expected. However, the outlook for global oil trade remains uncertain due to a series of U.S. tariffs on trading partners that could potentially lead to an economic slowdown and reduce oil demand.

Given this environment, analysts do not anticipate a sustained increase in oil prices amid the current uncertainties.