What To Know: Trump took to Truth Social on Monday with the promise of 25% tariffs on any country that buys oil or gas from Venezuela, set to go into effect on April 2. 

The secondary tariffs target major buyers of Venezuelan oil, including China, India, Spain, Italy and Cuba and could disrupt global oil supply chains. Exxon Mobil could potentially see new opportunities if the proposed tariff sends countries looking for alternative supply. 

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According to data from the Commerce Department, the U.S. bought $5.6 billion of oil and gas from Venezuela in 2024. Trump's proposed tariff could lead to a shift in U.S. oil import patterns, potentially benefiting domestic producers such as Exxon. 

Oil prices remain somewhat muted for now, due in part to an extension granted to Chevron Corp (NYSE:CVX), which allows the company until May 27 to exit its Venezuelan oil operations. 

The United States Oil Fund (NYSE:USO), tracking the spot price of WTI, is up nearly 3% over the past five days and the SPDR Energy Select Sector Fund (NYSE:XLE), tracking the U.S. energy sector, is up 2% over the same period.  

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