Oil prices jump on Trump’s Venezuela blockade

Oil prices were up nearly a dollar in Asian trade on Thursday after President Donald Trump announced a blockade on tankers entering and leaving Venezuela and most exports from the country remained on hold. US West Texas Intermediate (WTI) crude was up 98 cents, or 1.7%, at $56.89 per barrel at 0120 GMT, after initially rising more than a dollar. Brent crude rose 92 cents or 1.54% to $60.60 per barrel. Trump on Tuesday had ordered a blockade of all sanctioned oil tankers entering and leaving Venezuela, calling President Nicolas Maduro’s administration a foreign terrorist organization, although it was unclear how it would be enforced. Sources and customs data indicated most Venezuelan exports remained on hold on Wednesday due to the blockade, even though Venezuelan state oil company PDVSA restarted loading crude and fuel cargoes after it had had to suspend operations because of a cyberattack. Chevron vessels were continuing to depart for the U.S. under a previous authorisation from the U.S. government.