Oil Prices Fall Globally Following Political Crisis in Venezuela
LONDON/ASIA MARKETS: Global oil prices declined sharply following the escalating political crisis in Venezuela, as markets reacted to reports of U.S. military action in the South American country.According to international news agencies, Brent crude in Asian trading fell by 0.63 percent, closing at $60.37 per barrel. Similarly, West Texas Intermediate (WTI) crude dropped 0.70 percent,…
LONDON/ASIA MARKETS: Global oil prices declined sharply following the escalating political crisis in Venezuela, as markets reacted to reports of U.S. military action in the South American country.
According to international news agencies, Brent crude in Asian trading fell by 0.63 percent, closing at $60.37 per barrel. Similarly, West Texas Intermediate (WTI) crude dropped 0.70 percent, reaching $56.92 per barrel.
The market slump comes amid reports that U.S. forces carried out attacks in multiple locations across Venezuela, including the capital Caracas, detaining President Nicolás Maduro and his wife before transferring them to the United States.
Explosions were reported in several parts of Caracas, accompanied by low-flying aircraft over the city. U.S. media outlets quoted President Donald Trump as authorizing the operations, which involved at least seven explosions in the Venezuelan capital.
Analysts warn that the situation could further destabilize global oil markets, given Venezuela’s significant role as a major oil producer in the region.
