US President Trump stated that he would impose a 25% tariff on countries that purchase oil and natural gas from Venezuela. As a result, international crude oil prices rose on March 24.

Dennis Kissler, Senior Vice President of the Trading Division at BOK Financial, said that the reduction in Venezuela's oil exports has created a supply shock in the global market.

West Texas Intermediate (WTI) crude for May delivery increased by US$0.83 (1.2%), reaching US$69.11/barrel on the New York Mercantile Exchange. Brent crude for the May delivery rose by US$0.84 (1.2%), settling at US$73/barrel.