Oil rebounds from lowest levels since 2021 after Trump orders Venezuela oil tanker blockade
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Crude oil prices bounced back from near four-year lows Wednesday, after President Donald Trump said the U.S. will block sanctioned tankers from entering and leaving Venezuela.U.S. crude oil rose $1.03, or 1.86%, to $56.30 per barrel by 7:52 a.m. ET. Global benchmark Brent was trading at $59.96, up $1.04 or 1.77%. The U.S. benchmark had fallen to the lowest levels since early 2021 on Tuesday, as traders see a potential peace agreement in Ukraine bringing Russian crude back to a well supplied market. But Trump's pressure campaign against Venezuelan President Nicolas Maduro has lifted prices from those lows. The president said he ordered a "total and complete" blockade of sanctioned oil tankers leaving and entering Venezuela. Trump's blockade comes after the U.S. seized a sanctioned oil tanker off Venezuela's coast last week in a major escalation. Venezuela is a founding member of OPEC and has the largest proven crude oil reserves in the world. It is exporting about 749,000 barrels per day this year, with at least half that oil going to China, according to data from Kpler.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 Versant Media, LLC.
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