Oil prices rose after President Donald Trump threatened to punish any country that buys crude from Venezuela, raising concerns about a potential tightening of global supplies.
West Texas Intermediate crude was trading above $69 a barrel after rising 1.2% on Monday, while Brent settled at $73. Trump has vowed to impose 25% tariffs on buyers of the South American nation's oil and gas on April 2, which could cut off supplies to refiners in China, India, Spain and the U.S.
Trump's trade policies and retaliatory actions have led to increased volatility across global markets, with benchmark crude prices down more than 10% since hitting their peak this year in mid-January. The Venezuelan tariffs would coincide with other so-called reciprocal levies planned by the U.S. (Newsmaker23)
Source: Bloomberg
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