New York: Oil prices were little changed today as markets weighed the impact of newly announced US tariffs on countries that buy Venezuelan oil and the uncertain outlook for global demand. Brent crude futures were up 1 cent at $73.01 a barrel, while US West Texas Intermediate crude dipped 1 cent to $69.10.

According to Oman News Agency, both benchmarks had seen gains of more than 1% on Monday following US President Donald Trump’s announcement of a 25% tariff on countries importing oil and gas from Venezuela. This move by the US administration has introduced a new variable into the global oil trade, leaving investors to reassess the potential impacts on supply and demand dynamics.

Experts predict that West Texas Intermediate (WTI) prices will hover around $70 for the remainder of the year, with possible seasonal increases as the US and other countries enter the driving season. The tariffs, however, could disrupt these expectations depending on how they influence the purchasing behaviors of countries currently reliant on Venezuelan oil.