Oil prices surged on Tuesday, recovering from two-month lows, after U.S. President Donald Trump withdrew Chevron’s license to conduct operations in Venezuela. The decision has heightened concerns about a potential tightening of global oil supplies, particularly as Venezuela remains a key player in the OPEC alliance.
Brent crude futures climbed 1.6% to 78.60 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 1.4% to 73.90 per barrel. The move is expected to further restrict Venezuela’s oil exports, which have already been severely limited by U.S. sanctions and the country’s ongoing economic crisis.
The revocation of Chevron’s license is seen as a significant escalation in U.S. efforts to pressure Venezuela’s government. However, it also raises questions about the stability of global energy markets, which are already facing challenges from fluctuating demand and geopolitical tensions.
Analysts are now speculating whether OPEC+ will intervene to stabilize the market, as the loss of Venezuelan oil could create a significant supply gap.
