05:14 AM EDT, 03/25/2025 (MT Newswires) -- Crude oil prices rose after U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela.

Brent crude gained 0.4% to US$73.26/barrel and West Texas Intermediate crude increased 0.4% to US$69.38/b at last look early Tuesday. The tariffs come about a week after the U.S. announced new sanctions intended to hit Iranian oil exports.

The market expects the tariffs to constrain global oil supply, analysts said in a Reuters report on Tuesday. Oil is Venezuela's main export and China is its largest buyer, Reuters said in the report.

Price gains were capped by the Trump administration extending a deadline to May 27 for Chevron to wind down operations in Venezuela, the report said. The Organization of the Petroleum Exporting Countries and allied producers are also expected to stick to its plan to boost oil output for a second straight month in May, Reuters reported, citing four unnamed sources.