Oil prices are showing a slight downward trend around the highest level in a month.

As markets evaluate the new U.S. tariffs, oil prices have slightly retreated while remaining close to one-month highs. On Wednesday, oil prices rose by approximately 1%, reaching their highest level since February. Currently, Brent crude is trading at $73.68, down 11 cents from yesterday, while West Texas Intermediate is at $69.56, down 8 cents.

PVM analyst Tamas Varga noted that oil prices ignored the declining stock markets on Wednesday, influenced by U.S. tariffs on Venezuela and a drop in U.S. crude oil and fuel inventories. Reports indicated that India's Reliance Industries would halt oil imports from Venezuela following the tariff announcement. BS analyst Giovanni Staunovo remarked that the oil market is adopting a wait-and-see approach regarding the Trump administration's next steps, while traders assess the implications of proposed tariffs on imported cars and light trucks on oil demand.