Oil prices climbs as US threatens sanctions against Venezuela

On Thursday, the United States signaled that it may impose sanctions on Venezuelan exports after recognizing opposition leader Juan Guaido as interim president which prompted President Nicholas Maduro to cut ties with Washington. According to The International Energy Agency, the sanctions would have a great impact on the oil supply in the short term. However, the decreasing oil supply from Venezuela and Iran will only affect other OPEC members. Non-OPEC countries such as the US and Russia will determine the ups and downs of oil prices.