The U.S. extended Chevron's wind-down of oil exports from Venezuela by two months on Monday, after President Donald Trump said that any country buying oil or gas from Venezuela will pay a 25% tariff on any trades made with the United States.

President Donald Trump has revoked the licenses that allowed several transnational oil and gas companies to operate in Venezuela despite the country being under US sanctions. The cancellation of the licenses will prevent PDVSA from using oil to pay the foreign energy companies for gas,

U.S. sanctions against Venezuela, including the revocation of licenses and threats of tariffs, have resulted in an 11.5% drop in the country's oil exports in March.

Imports of oil, gas and refined products were exempted from U.S. President Donald Trump’s sweeping new tariffs, the White House said on Wednesday.

Russia reaped less money from oil taxes last month as production fell and global crude prices declined. Oil-tax proceeds dropped by more than 15% from a year earlier to 956.8 billion rubles ($11.4 billion),

The pound was little changed on Wednesday, with global markets in limbo ahead of U.S. President Donald Trump's long-awaited tariff announcement later in the day, which has the potential to further cool the already tepid UK economy.

Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude.

Crude oil prices were down more than $5 and product futures were sharply lower by midday Thursday, hit by a decision by OPEC and its allies to increase supply in May and energy demand fears a day after President Trump announced sweeping new tariffs.

Stock markets and the dollar tumbled Thursday after President Donald Trump's latest worldwide tariff salvo fanned a trade war that many fear will spark recession and ramp up inflation.