US Oil Prices Erase Gains After Trump Address With No Venezuela Mention
US oil prices erase gains after Trump address as markets digested President Donald Trump’s national remarks that did not mention Venezuela — a key focus of recent energy-sector volatility.
Earlier this week, oil prices had rebounded modestly after Trump ordered a “total and complete blockade” of sanctioned Venezuelan oil tankers, lifting Brent crude above $60 a barrel and pushing U.S. West Texas Intermediate higher amid geopolitical risk sentiment.
However, after Trump concluded his address to the nation without referencing Venezuela or broader energy policy, the near-term rally faded, and crude futures retraced earlier gains. Traders have been watching both global supply dynamics and geopolitical headlines closely, with concerns about oversupply and potential easing of sanctions on other producers adding pressure to prices.
Market participants continue to weigh the impact of geopolitical developments, including the U.S. tanker blockade and ongoing discussions around Russia-Ukraine peace prospects, on oil demand and supply forecasts for 2026 and beyond.
