Oil rises over 1% after Trump orders blockade of Venezuelan oil tankers
U.S. crude futures climbed more than 1% on Wednesday following President Donald Trump's order for a complete blockade of all sanctioned oil tankers entering or leaving Venezuela.
Crude futures gained 1.3%, or 72 cents, reaching $55.99 at 0022 GMT.
Oil had settled near five-year lows in the previous session on optimism over Russia-Ukraine peace talks, which could ease western sanctions on Moscow and increase supply amid weak global demand.
Trump’s blockade announcement comes a week after the U.S. seized a sanctioned Venezuelan oil tanker, intensifying pressure on President Nicolas Maduro, whom Trump has labeled responsible for drugs entering the U.S.
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