Brent oil price stabilizes at $72.99 per barrel

Oil prices remained stable on Tuesday following a rise in the previous session driven by news of US plans to impose secondary sanctions on countries purchasing Venezuelan energy resources.

According to Report, which cites Interfax, Brent crude futures for May delivery on the ICE Futures exchange in London stood at $72.99 per barrel as of 9:10 AM Baku time, down by $0.01 (0.01%) from the previous session's close. On Monday, these contracts had risen by $0.84 (1.2%), reaching $73 per barrel.

Meanwhile, WTI crude futures for May delivery on the NYMEX exchange dropped by $0.05 (0.07%), to $69.06 per barrel. On the previous day, WTI prices had risen by $0.83 (1.2%), to $69.11 per barrel.

On the same day, US President Donald Trump announced that Washington would impose 25% tariffs on imports from countries buying oil or gas from Venezuela. This could impact crude supplies to refineries in China, India, Spain, and the US.

In 2024, Venezuela's oil production averaged 875,000 barrels per day, representing approximately 0.9% of global output.