Prices for %Oil are marching higher after U.S. President Donald Trump said in recent days that America will impose secondary tariffs of 25% on any country that buys crude and natural gas from Venezuela.
Earlier in March, the Trump administration gave U.S. oil major %Chevron (NYSE: $CVX) until April 3 to wind down its operations in the South American country.
The U.S. government has since said that it is considering an extension to Chevron’s license while weighing the possibility of tariffs on buyers of Venezuelan oil.
News of the U.S. action against Venezuela has sent the price of West Texas Intermediate (WTI) crude oil, the U.S. standard, up to $69.66 U.S. a barrel.
Brent crude oil, the international standard, has risen to trade at $73.69 U.S. a barrel.
The skirmish over oil from Venezuela comes as Trump claims, without evidence, that the South American country has sent criminals, including gangs members, to the U.S.
Venezuela’s government denies the charges.
Venezuela was one of the top foreign suppliers of oil to the U.S. in 2024, according to Commerce Department trade data.
In total, the U.S. bought $5.6 billion U.S. of crude oil and natural gas from Venezuela last year.
This came after the Biden administration lifted sanctions on Venezuelan oil in 2023.
