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Rich Asplund

Crude Prices Gain as President Trump Threatens Tariffs on Purchasers of Venezuelan Crude

Donald Trump Oil Venezuela United States OPEC China Hamas Vortexa

May WTI crude oil (CLK25) today is up +0.69 (+1.01%), and May RBOB gasoline (RBK25) closed up +0.0094 (+0.43%).

Crude oil and gasoline prices today are moderately higher, with crude climbing to a 3-week high. Crude prices jumped to their highs today after President Trump announced a 25% secondary tariff on countries that purchase oil or gas from Venezuela, effective April 2. Reduced tariff concerns are also boosting crude prices on reports that US reciprocal tariffs on April 2 will be more targeted, which should have less impact on global growth and energy demand. In addition, today's rally in the S&P 500 to a 2-week high shows confidence in the economic outlook that supports energy demand. Today's rally in the dollar index (DXY00) to a 2-week high limits gains in crude oil.

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