• WTI price drifts higher to near $69.00 in Tuesday’s early Asian session. 
• Trump said he will impose secondary tariffs on Venezuela’s oil and gas. 
• Hopes for a ceasefire in Ukraine might cap the upside for the WTI. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.00 during the early Asian session on Tuesday. The WTI price edges higher to a three-week high as US President Donald Trump said he will impose tariffs on countries that buy oil and gas from Venezuela.

Late Monday, Trump said that he would be placing a 25% tariff on all imports from any country that buys oil or gas from Venezuela, effective April 2, as well as imposing new tariffs on the South American country itself. 

The Treasury Department extended Chevron Corp.’s agreement to produce and export Venezuelan oil until May 27. The extension, known as a general license, exempts the country from economic sanctions and allows it to continue to pump oil.

Rising geopolitical tensions in the Middle East, which could lead to disruption of crude supplies from the region, provide some support to the WTI price. Israel continues to carry out airstrikes in Gaza, ending a nearly two-month ceasefire with Hamas. Israeli Prime Minister Benjamin Netanyahu vowed to act “with increasing military strength” to free hostages and disarm Hamas. 

However, hopes for a positive outcome from the Russia-Ukraine peace talks could weigh on the black gold. US and Russian officials were in Saudi Arabia on Monday for talks over a broad ceasefire in Ukraine, with Washington also targeting a separate Black Sea maritime ceasefire deal while a wider agreement is thrashed out.

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