All eyes in the market will be on what will happen to Venezuela's 303 billion barrels of oil after the US attack. Because it will have the biggest immediate impact on the amount that regular Americans spend at the pump, the price of crude oil will be at the forefront of people's minds.
Although the commodity doesn't trade over the weekend, how the situation with Venezuela affects the global oil supply will probably determine any future price movement.
Venezuela currently contributes less than 1% of the world's daily crude production, while having a fifth of the world's oil reserves. According to reports, the string of US attacks had no effect on Venezuela's oil infrastructure, reducing any possible interruption. It is anticipated that the world's oil excess would hit a record in 2026.
The US will try to access Venezuelan oil reserves, Trump stated on Saturday. The current low price of crude oil may drop even further as a result of this additional production.
There will be a catch-22 for any US businesses that begin drilling in Venezuela: the more oil they contribute to the world's current glut, the lower prices will go and the lower their drilling profits will be.
