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Oil prices climbed higher on Monday after U.S. President Donald Trump announced a 25% secondary tariff on countries purchasing oil or gas from Venezuela.
The U.S. gave oil producer Chevron until the end of May to wind down its oil operations and exports from Venezuela. Trump had initially given Chevron 30 days from March 4 to wind down that license.
Optimism about increased demand for oil contributed as well to the rise in the commodity's prices.
West Texas Interemdiate Crude oil futures for May settled higher by $0.83 or about 1.22% at $69.11 a barrel.
Brent crude futures were up $0.89 or about 1.25% at $72.50 a barrel a little while ago.
Last week, the U.S. issued fresh sanctions on Iran, targeting entities including a Chinese "teapot", or independent refinery, and vessels that supplied crude oil to such processing plants. Teapot refiners are private Chinese refineries that are the primary purchasers of Iranian oil.
The slapping of a 25% secondary tariff by the U.S. is likely to hurt China, a major buyer of Venezuelan crude.
Meanwhile, OPEC+ is expected to proceed with a second consecutive production hike in May, raising output by 135,000 bpd despite ongoing efforts to enforce compensatory cuts on overproducing members.
