The Trump administration revoked permits and waivers allowing Western energy firms to operate in Venezuela, three people familiar with the issue said Saturday. The move further isolates Venezuelan President Nicolas Maduro from the world oil market.

President Donald Trump has revoked the licenses that allowed several transnational oil and gas companies to operate in Venezuela despite the country being under US sanctions. The cancellation of the licenses will prevent PDVSA from using oil to pay the foreign energy companies for gas,

Oil prices tumbled on Thursday as Opec+ unexpectedly announced plans to boost production just as sweeping US tariffs stoked fears of a global economic slowdown. Eight Opec+ members, including Saudi Arabia and Russia,

The levies were seen as more aggressive than expected, with a 10 percent duty on all exports to the US and even higher rates on about 60 nations.

Imports of oil, gas and refined products were exempted from U.S. President Donald Trump’s sweeping new tariffs, the White House said on Wednesday.

Oil prices fell to negative territory after rising by a dollar in post-settlement trade on Wednesday as U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude.

Stock markets and the dollar tumbled Thursday after President Donald Trump's latest tariffs salvo against countries worldwide, fanning a trade war that many fear will spark recession and ramp up