Under the Trump administration, the U.S. imposed a 25% tariff on countries buying Venezuelan crude, citing national security threats from Venezuelan migrants.
WTI Crude oil prices are constrained under USD 68 per barrel due to geopolitical tensions and economic concerns affecting global demand and market volatility.
The oil markets are currently under scrutiny as Brent crude approaches key support levels, with notable trading activity noted prior to the August 5 low of $75.05.