US Blockade on Venezuela: Oil Prices Surge

U.S. Blockade on Venezuela Sends Oil Prices Soaring: A New Challenge for the Global Oil MarketThe U.S. governments new blockade on Venezuela, targeting President Nicolas Maduro, has sent oil prices surging. Brent crude climbed back above sixty dollars a barrel, while West Texas Intermediate crude reached nearly fifty-five dollars a barrel. The blockade, part of ongoing efforts to pressure Maduros resignation, could remove up to five hundred thousand barrels of Venezuelan oil from the market daily, potentially increasing prices. However, other major producers like Saudi Arabia might step in to fill the gap. Meanwhile, OPEC and its allies are expected to extend their current production cuts, further impacting the global oil market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.