Oil holds gains amid US blockade of Venezuela
Oil prices stabilized after a four-day run of gains as the U.S. continued its blockade of Venezuelan crude shipments.
Brent crude hovered near $62 per barrel following a roughly 5% increase over the past four sessions, while West Texas Intermediate (WTI) remained close to $58 per barrel, News.Az reports, citing Bloomberg.
The U.S. has seized two tankers and is pursuing a third, stepping up pressure on Venezuelan President Nicolás Maduro’s government. Despite the crackdown, more than a dozen vessels have successfully loaded oil off Venezuela’s coast.
U.S. authorities stated that the oil from seized ships would be retained, although Venezuelan exports make up less than 1% of global supply. Nevertheless, the revenue represents a crucial financial lifeline for Maduro.
Geopolitical tensions, including the threat of U.S. land strikes against drug operations in Latin America and escalating conflicts in Ukraine, have helped stabilize oil prices that have been falling since mid-June. The decline was driven by OPEC+ returning barrels to the market and increased production from non-OPEC nations. Brent crude is still down about 17% this year, on track for its largest annual drop since 2020, as rising supply continues to outpace weak demand.
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