Oil Prices Rise as the U.S. Escalates Its Tanker Crackdown Off Venezuela

Oil prices climbed in early Asian trading on Monday as markets reacted to the U.S. intensifying its targeting of oil tankers off the coast of Venezuela, including the seizure of a second oil tanker and the pursuit of a third. At the time of writing, West Texas Intermediate was up 0.64%, at $56.88 per barrel, while Brent crude was 0.66% higher at $60.87 per barrel. The gains reflect heightened geopolitical risk in oil markets and the fear of further supply being taken offline. On Saturday, U.S. forces intercepted and seized a second oil tanker in…