Oil Prices Surge After Trump Cancels Chevron's Venezuela License
Oil prices edged up after sliding in the previous two sessions, with supply worries resurfacing after U.S. President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela. Brent crude oil futures rose 2 cents to $72.55 a barrel, while U.S. West Texas Intermediate crude oil futures climbed 6 cents to $68.68 per barrel. The announcement came as Chevron exports about 240,000 barrels per day of crude from its Venezuelan operations.
- This decision highlights the ongoing volatility in global energy markets, where supply disruptions can rapidly impact prices and market sentiment.
- Will the cancellation of Chevron's license lead to a significant increase in Venezuela's oil production, or will it trigger unintended consequences in the global energy landscape?