In a bold move, the Trump administration has imposed new sanctions on three nephews of Venezuelan dictator Nicolas Maduro and several companies involved in oil shipping, intensifying pressure on the Maduro regime amid ongoing drug trafficking allegations.
Analysts warn that Trump's proposed tariffs on countries buying Russian oil could significantly impact China and India, raising questions about international sanctions and oil markets.
The trade of Venezuelan oil to China faces uncertainty after President Trump's new tariff threats. Traders are on hold, awaiting clarity, as the oil market is thrown into turmoil.