• US crude inventories rose by 8.7 million barrels, exceeding expectations
• White House imposes stricter sanctions on Iran's oil network
• Saudi Aramco raises March crude prices for Asian buyers
• China retaliates against US tariffs with duties on American energy imports
• Impact of China's tariffs limited due to low US energy import volumes

Brent crude hovered near $75 per barrel, poised for a third straight weekly decline as President Trump reiterated his commitment to increasing US oil output.

His statement coincided with a higher-than-expected rise in US crude oil inventories - the largest increase in nearly a year (8.7 million - actual vs. 2.6 million - expected).

However, BRN received support as the White House tightened sanctions on Iran, targeting its "oil network".

In addition, Saudi Aramco raised its physical crude prices for Asian buyers in March.

Meanwhile, trade tensions between the US and China continued, with Beijing retaliating against Trump's recent actions by imposing tariffs on American energy sources, including crude oil.

Despite this retaliation, the overall impact may be minimal due to China's relatively low import volumes of US energy products.

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