Oil prices rise as tension between US and Venezuela escalates
12/17/2025 1:27:00 PM
Oil prices rose on Wednesday morning as supply concerns increased after US President Donald Trump ordered a “complete and total” blockade of sanctioned oil tankers moving in and out of Venezuela.
Brent, the benchmark for two thirds of the world's oil, was up 1.37 per cent at 11.02am UAE time to $59.73 a barrel, while West Texas Intermediate, the gauge that tracks US crude, was trading 1.45 per cent higher at $56.07 a barrel.
This came after WTI fell to its lowest levels since early 2021 this week on the prospect of more Russian oil entering global markets as peace talks to end the Ukraine war gain momentum.
Brent, the benchmark for two thirds of the world's oil, was up 1.37 per cent at 11.02am UAE time to $59.73 a barrel, while West Texas Intermediate, the gauge that tracks US crude, was trading 1.45 per cent higher at $56.07 a barrel.
This came after WTI fell to its lowest levels since early 2021 this week on the prospect of more Russian oil entering global markets as peace talks to end the Ukraine war gain momentum.