Oil Prices Rally, Exxon Hits 16-Week Highs As Trump Vows 25% Tariffs On Any Country Buying Venezuelan Crude

Crude prices surged and energy stocks rose Monday after President Donald Trump vowed to slap a sweeping 25% tariff on any country that imports Venezuelan oil, signaling renewed geopolitical tensions in global energy markets.

West Texas Intermediate light crude, as closely tracked by the United States Oil Fund (NYSE:USO), rose over 1% to $69 per barrel, touching a three-week high.

"Any country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country," Trump said, adding that enforcement would begin next month and be "registered and documented."

The statement came via a post on Truth Social, ...