Oil prices are down 1% on Friday and were headed for their first monthly drop since November, as markets braced for Washington's tariff threats and Iraq's decision to resume oil exports from the Kurdistan region.

Oil futures declined on Friday, with worries about the global economic outlook and rising trade tensions from the Trump administration’s tariff plans putting U.S. and global benchmark prices on track for their biggest monthly losses since September.

President Trump appears to be revoking a license that the Biden administration gave Chevron in 2022, potentially hurting the company and Venezuela.

Maria Corina Machado, the most prominent figure in the country’s opposition movement, argued the measures are needed to stop government repression.

U.S. President Donald Trump's cancellation of licenses for foreign oil companies to operate in sanctioned Venezuela will reduce the dollars on offer in the country's exchange market, stoking depreciation of the local bolivar currency and prices,