Oil prices recorded a rise in early trading on Thursday, reducing the losses recorded in the previous session after the United States announced the re-imposition of sanctions on Venezuela, coinciding with the European Union’s announcement of new sanctions on Iran.

Brent crude futures rose ten cents, or 0.11%, to $87.39 per barrel, and US crude futures rose two cents to $82.71 per barrel. The two benchmarks recorded a decline of 3% in the previous session in light of concerns about demand.

The United States announced that it would not renew a license that expires on Thursday, which would have significantly eased the blow of oil sanctions on Venezuela, and then moved to reimpose punitive measures after President Nicolas Maduro was unable to fulfill his election pledges.

ANZ Research said in a note that continued risks to supplies will play a role in helping support commodity markets, despite the decline in tensions in the Middle East.

In the first quarter of this year, Venezuela exported 600,000 barrels per day, of which 165,000 barrels per day were destined for the United States, according to ANZ, which indicated that the impact was likely to be small due to the presence of modest quantities.

There is still a state of uncertainty about how Israel is likely to respond to Iran after the attack launched by Tehran on Israel with missiles and drones. On Wednesday, the European Union decided to tighten sanctions on Iran in an attempt to confront the outbreak of a broader conflict.

Average global oil consumption has reached 101 million barrels per day since the beginning of April until now, which is two hundred thousand barrels per day less than its own expectations, according to estimates by J.P. Morgan.