US President Donald Trump posted on Truth Social that he would sign an executive order imposing 25% tariffs on countries that purchase Venezuelan oil and gas, effective from 2 April. He referred to this date as “Liberation Day in America”, as his long-threatened reciprocal tariffs are also set to take effect. The move is widely viewed as a political manoeuvre designed to put pressure on Venezuelan President Nicolás Maduro, as well as China, the largest importer of Venezuelan crude.
Oil prices surged following the announcement, with WTI futures at NYMEX climbing 1.22% to $69.11 per barrel, while Brent futures at ICE rose 1.16% to $73 per barrel on Monday. Both benchmarks hit their highest levels since 3 March, recording gains of 11% and 6.7%, respectively, despite a slight pullback during Tuesday’s Asian session.
