COMMODITY
Crude oil futures end higher amid Trump's latest threats
Mar-25-2025

Oil prices climbed higher on Monday after U.S. President Trump threatened to impose secondary tariff on countries purchasing oil or gas from Venezuela. This mainly targets China as it is a major buyer of Venezuelan crude. Recently, 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. 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.

Benchmark crude oil futures for May jumped $0.83 or about 1.22% at $69.11 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $0.84 or about 1.16% to settle at $73.00 a barrel on London's Intercontinental Exchange.


  RELATED NEWS >>