Oil set to rise for third week on Venezuela, Iran pressure

Oil set to rise for third week on Venezuela, Iran pressure

Brent crude futures were up eight cents at $74.11 a barrel at 0949 GMT, while U.S. West Texas Intermediate crude futures rose five cents to $69.97

Trump Administration Launches Major Attack on Venezuelan Economy

By Misión Verdad  –   Mar 27, 2025 The latest executive order of the Trump administration threatening to impose tariffs on buyers of Venezuelan oil is generating its first repercussions, especially on the national exchange rate system. After the US repealed General License 41 for Chevron’s activities in Venezuela, and now with this new pressure mechanism, there has been an evident disturbance in the value of the Venezuelan national currency, bol…

Venezuelans are buying dollars, which makes the local currency fall to historic lows as the Trump administration's concern increases that it is strangling the country's oil industry and bringing the economy back to crisis.This week, Trump announced a 25 percent tariff to the countries that buy Venezuelan oil, thus testing a new mechanism to pressure the government of Nicolás Maduro. The decision alarmed some of the country's largest buyers of cr…

Oil Prices Set to Extend Winning Streak on U.S. Sanction Action

Crude oil prices were on course for their third weekly rise as concern grew about supply after President Trump threatened 25% tariffs on any country buying Venezuelan crude while stepping up sanctions on Iranian entities. At the time of writing, Brent crude was trading at $73.91 per barrel while West Texas Intermediate was changing hands for $69.80 per barrel, both set to end the week about $1 per barrel higher than they started it. “The potenti…

By Stefano Pozzebon, CNN Venezuela is expected to receive a deportation flight from the United States this Thursday, the second this week since direct deportation flights resumed on Monday, the Venezuelan Interior Ministry announced. The Trump administration has prioritized direct deportations to Caracas since taking office, and in late January, White House envoy Richard Grenell negotiated partial sanctions relief on Venezuelan oil in exchange f…

Flood of Venezuelan Oil Flows to China as US Raises Pressure

Venezuela is boosting oil exports to China to the highest in almost two years as the Trump administration deploys sanctions and secondary tariffs to squeeze the Latin American nation.