09:03 AM EST, 02/19/2025 (MT Newswires) -- Oil prices rose early on Wednesday, climbing for a second day on supply cuts despite new tariff threats from U.S. President Donald Trump.

West Texas Intermediate crude oil for March delivery was last seen up US$0.70 to US$72.55 per barrel, while April Brent crude was up US$0.62 to US$76.46.

The rise comes as supply tightens after a Monday Ukrainian drone attack on an export pipeline in Russia damaged a pumping station and cut shipments on the 1.3-millon barrel per day line by 380,000 barrels per day.

"On February 17, 2025, Kropotkinskaya pump station located in Kavkazsky district of Krasnodar Krai was attacked by UAVs. There were no casualties or injuries, but the oil transportation facility was damaged and put out of service," the consortium running the pipeline said in a release.

Cold weather in northern U.S. states is also disrupting supply. The North Dakota Pipeline Authority on Tuesday said production in the state is down by as much as 150,000 barrels per day due to frigid temperatures.

A Bloomberg News report saying OPEC+ is again considering delaying its plan to return 2.2-million barrels per day of voluntary production cuts with 18 monthly additions of 122,000 barrels per day beginning in April is also supporting prices. However Russian oil minister Alexander Novak on Tuesday said no change to the current schedule for the return of the barrels is being considered.

Bloomberg also reported the G7 group of countries is considering tightening a price cap on Russia's oil exports, currently set at US$60 per barrel.

"Crude prices extended gains amid signs that OPEC+ is considering delaying further production hikes, and uncertainty around Russian oil flows as G7 consider tightening the oil price cap on Russian exports," Saxo Bank noted.

New tariff threats from Donald Trump are adding demand uncertainty, as the U.S. President on Tuesday said he is mulling imposing a 25% tariff on U.S. imports of automobiles, semiconductors and pharmaceuticals. Trump said the levies could begin on April 2.

The threats are the latest from the U.S. administration, adding to a 10% levy on imports from China, along with a promised 25% tariff on imports from Canada and Mexico, the two largest U.S. trading partners, as well as on imports of steel and aluminum.

Trump's promised tariffs are likely to disrupt global trade flows and "serve to frustrate forward thinking for global markets, let alone oil", PVM Oil Associates noted.