The escalating power struggle in Venezuela between the sitting president, Nicolás Maduro, and the opposition party, led by Juan Guaidó, is rattling the oil markets.
Prices for the global benchmark Brent crude oil and the US West Texas Intermediate rose slightly on Thursday, at $61 a barrel and $53 a barrel, respectively, but oil-market participants are nervously watching the outcome of the tug-of-war.
“This Venezuelan situation could potentially turn into something big,” said Daniel Pavilonis, senior market strategist with RJO Futures.
Tensions ratcheted up after the Trump administration recognized Guaidó as interim president on Wednesday and called Maduro’s government illegitimate.
