Global oil price today May 28 2025 Brent crude hits $64.46
According to webangah News Agency, oil prices climbed during Wednesday’s trading session after the U.S. barred Chevron from exporting Venezuelan crude under new restrictions on its assets in the sanctioned country, further tightening global supply prospects.
North Sea Brent crude gained 37 cents (0.58%) to $64.46 per barrel, while U.S. West texas Intermediate (WTI) rose 41 cents (0.67%) to $61.30.
The Trump governance issued Chevron a new license permitting it to maintain existing Venezuelan assets but prohibiting oil exports or business expansion—a move analysts say will reduce heavy crude availability for U.S. refineries and increase Middle East dependence.
President Donald Trump had revoked Chevron’s previous Venezuela waiver on February 26.Licenses granted to Chevron and othre foreign firms in recent years had boosted production in sanctioned venezuela to nearly 1 million barrels per day.
Meanwhile, EU officials requested details of European corporate investment plans in America—signaling Brussels’ readiness to advance trade talks with Washington after Trump retreated from threatening 50% tariffs on EU goods, which had threatened economic activity and oil demand.
Oil prices fell nearly 1% Tuesday amid limited progress signals from the fifth round of Iran-U.S nuclear talks, with markets anticipating any agreement coudl return Iranian barrels to global supply.
The OPEC+ alliance meets today with expectations of unchanged output policies, though eight members will convene Saturday to discuss potential July production increases.
