Global oil prices continued upward on Monday, marking the fourth consecutive day of gains.
The surge was due to increased supply anxiety, exacerbated by U.S. President Donald Trump’s sanctions on Venezuelan oil.
Oil prices have steadily climbed for four consecutive trading days since March 19, reflecting growing market anxiety.
Trump declared that countries importing Venezuelan oil would face a 25% retaliatory tariff when trading with the U.S.
This is widely interpreted as targeting China, the largest importer of Venezuelan crude.
The Wall Street Journal reported that this strategy is intended to bolster the position of U.S. oil company Chevron, which has entered Venezuela, while simultaneously curbing Chinese oil companies’ efforts to secure Venezuelan oil fields.
As a result, international oil prices have seen a significant increase.
Brent crude, the global oil benchmark, surged to $73 per barrel, while West Texas Intermediate (WTI), the U.S. oil benchmark, edged closer to the $70 mark.
Brent crude for the May delivery settled at $83 per barrel, marking a $0.84 (1.16%) increase from the previous close.
Similarly, WTI futures for May delivery rose by $0.83 (1.22%) to reach $69.11 per barrel.
