Oil prices showed little movement on Tuesday, with traders assessing the impact of U.S. tariffs on Venezuela's oil and gas exports against the repercussions of tariffs on sectors like the automotive industry and their effects on global economic growth and oil demand.

Brent crude futures remained virtually unchanged at $73.01 per barrel, while U.S. West Texas Intermediate crude edged up by 1 cent to $69.12.

After U.S. President Donald Trump announced a 25% tariff on countries purchasing oil and gas from Venezuela, both benchmarks saw a more than 1% increase on Monday. Analysts expressed concerns that Trump's tariffs could potentially slow down economic growth and reduce oil demand, but the uncertainty around tighter U.S. sanctions on Venezuelan and Iranian oil impacting supply, combined with the president's policy shifts, made investors hesitant to take significant positions.

Forecasts suggest that WTI may hover around $70 throughout the year, with a chance of seasonal increases during the U.S. and global driving season. Recent sanctions imposed by the U.S. targeted Iranian oil exports, and the Trump administration extended the deadline for U.S. company Chevron to cease operations in Venezuela until May 27.

Trump hinted at forthcoming automobile tariffs, while indicating flexibility on tariffs set for April 2, signaling potential exemptions for some countries which provided some relief to Wall Street amid market uncertainties.

On the other hand, OPEC+ is likely to proceed with plans to boost oil production in May for the second consecutive month, with the aim to stabilize oil prices and enforce output cuts among certain members to offset previous overproduction.

Market watchers are also closely following negotiations to resolve the conflict in Ukraine, which could impact the global supply of Russian crude. U.S. and Russian officials engaged in talks on Monday to discuss a ceasefire at sea between Kyiv and Moscow, as part of diplomatic efforts aimed at facilitating broader peace negotiations.