WASHINGTON (dpa-AFX) - Oil hovered near a three-week high on Tuesday after rising more than 1 percent in the previous session as U.S. President Trump said he would seek a 25 percent tariff on nations buying crude and gas from Venezuela.
Benchmark Brent crude futures rose half a percent to $72.71 a barrel in European trade, while WTI crude futures were up half a percent at $69.47.
Trump said Monday he will impose tariffs of 25 percent on any nation that buys oil from Venezuela, claiming the country has 'purposefully and deceitfully' sent criminals, including violent individuals and members of gangs like Tren de Aragua, to the U.S.
'Venezuela has been very hostile to the United States and the Freedoms which we espouse,' Trump said in a post on Truth Social.
China is Venezuela's largest buyer. India was the largest buyer of Venezuelan crude in December 2023 and January 2024.
Analysts believe that the move could result in a fairly substantial tightening in the global oil balance.
The latest across-the-board levies targeting direct and indirect buyers of Venezuelan oil can take effect as soon as April 2, according to an order signed by Trump.
Meanwhile, a meeting between Russian and U.S. officials on a partial ceasefire in Ukraine ended after 12 hours of negotiations in Saudi Arabia on Monday.
A joint statement is expected shortly and the extent of progress in reaching common ground remains unclear.
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