Oil jumps as Trump orders blockade of sanctioned oil tankers leaving, entering Venezuela

Oil prices climbed sharply on Wednesday after US President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering and leaving Venezuela, raising fresh geopolitical tensions at a time of concerns over demand. Brent crude futures were up 53 cents, or 0.9% at $59.46 a barrel at 0105 GMT, while US West Texas Intermediate crude rose 55 cents, up 1%, to $55.82 a barrel. Oil prices settled near five-year lows in the previous session on progress in Russia-Ukraine peace talks, as a deal may see western sanctions on Moscow eased, freeing up supply even as the market grapples with fragile global demand. Trump on Tuesday ordered a blockade of all sanctioned oil tankers entering and leaving Venezuela, adding that he now regarded the nation’s rulers as a foreign terrorist organization.