Oil prices are showing stability in the wake of President Trump's recent announcement regarding a 25% tariff on imports from Venezuela.

According to Reuters, Brent crude futures rose by 1 cent to $73.01 per barrel, while West Texas Intermediate crude fell by 1 cent to $69.10.

Both benchmarks increased by more than 1% on Monday after Trump warned of potential tariffs for countries importing oil and gas from Venezuela.

"We expect the WTI price to remain around $70 through the end of the year, with possible seasonal increases as the U.S. and other countries enter the driving season," said Tsuyoshi Ueno, a senior economist at the NLI Research Institute.

Reminder:

OPEC+ is likely to continue its plan to boost oil production for the second consecutive month in May.