Oil prices rose more than 1%, and geopolitical risks intensified after US President Trump ordered a complete blockade of all sanctioned tankers entering and leaving Venezuela. Brent crude rose 1.2% to $59.64 a barrel; West Texas Intermediate rose 1.3% to $55.84 a barrel. Analysts at the Mitsubishi UFJ said, “This move marks a significant increase in US pressure on Venezuela, and it occurred after a recent seizure of an oil tanker, which increased the risk of continued supply disruptions and could affect crude oil exports of about 590,000 barrels per day.” On Tuesday, due to renewed market optimism about the Russian-Ukrainian peace talks and the prospect that oil oversupply may expand, the crude oil price settlement price fell to its lowest level since February 2021.

Oil prices rose more than 1%, and geopolitical risks intensified after US President Trump ordered a complete blockade of all sanctioned tankers entering and leaving Venezuela. Brent crude rose 1.2% to $59.64 a barrel; West Texas Intermediate rose 1.3% to $55.84 a barrel. Analysts at the Mitsubishi UFJ said, “This move marks a significant increase in US pressure on Venezuela, and it occurred after a recent seizure of an oil tanker, which increased the risk of continued supply disruptions and could affect crude oil exports of about 590,000 barrels per day.” On Tuesday, due to renewed market optimism about the Russian-Ukrainian peace talks and the prospect that oil oversupply may expand, the crude oil price settlement price fell to its lowest level since February 2021.