Oil Prices Climb After US Intercepts Tanker Off Venezuela

Oil prices rose today after officials said the US had intercepted an oil tanker in international waters off Venezuela. Photo: rte

Oil prices edged higher on Monday after reports that the United States intercepted an oil tanker in international waters off the coast of Venezuela, adding to concerns over potential supply disruptions.

Brent crude futures rose 57 cents, or 0.9%, to $61.04 a barrel, while U.S. West Texas Intermediate gained 55 cents, or 1%, to $57.07. Analysts said the move reflected growing market unease over Washington’s tougher stance on Venezuelan oil exports.

«The market is waking up to the fact that the Trump administration is taking a hardline approach to the Venezuelan oil trade,» said June Goh, senior oil market analyst at Sparta Commodities, adding that geopolitical tensions were lending support to prices in an otherwise oversupplied market.

U.S. officials said the Coast Guard was pursuing an oil tanker near Venezuela, potentially marking the third such operation in less than two weeks. The latest development follows President Donald Trump’s announcement of a «total and complete» blockade on sanctioned Venezuelan oil shipments.

Analysts also pointed to broader geopolitical risks, including stalled peace efforts between Russia and Ukraine, as factors helping to offset lingering concerns about global oil oversupply.

Kursiv Uzbekistan also reports that Malaysia has called on Association of Southeast Asian Nations (Asean) to do «whatever is necessary» to ease the escalating conflict between Thailand and Cambodia, as Asean foreign ministers gathered in Kuala Lumpur for emergency talks.