Crude oil prices slip amid US-Venezuela conflict: What’s the outlook for ‘black gold’ and reasons behind fall? Explained

In a stunning turn of events, the US attacked Venezuela over the weekend, captured its leader, Nicolas Maduro, and imposed a naval blockade. The chaos in the Latin American nation, once an oil-producing powerhouse, is being keenly eyed, as this event adds a “geopolitical risk premium” on energy markets.

In the initial reaction, Brent crude oil fell as much as 1.2% to $60 a barrel.