Oil prices climbed on Wednesday after U.S. President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering and leaving Venezuela.
The move raised fresh geopolitical tensions at a time of concerns over demand.
U.S. crude futures advanced 1.6% to $56.16 per barrel, while Brent crude futures rose 1.54% to $59.84 a barrel, cutting into steep losses from Tuesday.
The development was after Tuesday’s slip, as persistent concerns about oversupply combined with growing optimism over a possible peace deal between Russia and Ukraine.
Brent crude, the international benchmark, had dropped 2.86 per cent to $58.83 a barrel by 10.30 pm WAT on Tuesday. US West Texas Intermediate (WTI) fell 2.88 per cent to $55.04 a barrel, pushing crude prices below the $60 mark for the first time since February 2021.
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According to Reuters, the decline reflects mounting fears of excess supply in the global market, alongside expectations that sanctions on Russia could be eased if progress is made towards ending the war in Ukraine.
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