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.

Energy prices are getting slammed by fears of a global economic slowdown stemming from President Trump's tariff plan. U.S. oil futures fell as much as 7% in early trading. They were on track for their worst day since 2022,

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.

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.

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.