Overview

• 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.