U.S. Reimposes Sanctions on Venezuela, Oil Prices Stabilize Amid Global Tensions

Following a decision by the U.S. to reimpose sanctions on Venezuela, global oil prices see minor fluctuations despite ongoing geopolitical tensions in the Middle East and supply concerns.

U.S. crude oil prices slightly increased after sanctions on Venezuela were reinstated, with Brent futures at $87.39 a barrel and U.S. crude at $82.71.
The sanctions come as the U.S. government responds to Venezuelan President Nicolas Maduro's failure to meet election commitments.
European Union leaders are also stepping up sanctions against Iran, adding to the complex geopolitical landscape affecting oil markets.
Global oil demand remains robust, with consumption averaging 101 million barrels per day in April, slightly below forecasts.
Oil prices are expected to remain high due to tight supply and ongoing geopolitical risks, despite some easing in tensions.