Oil prices surged as President Trump declared a “total and complete blockade” on all sanctioned oil tankers associated with Venezuela. This announcement led to a 1.25% increase in West Texas Intermediate crude futures, which are now trading at $55.96. The move has intensified market risk premiums due to concerns about a potential reduction in Venezuelan oil supply. Trump’s labeling of the Venezuelan government as a “foreign terrorist organization” further underscores the geopolitical tensions influencing the oil market.
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Over the past month, West Texas Intermediate crude has experienced a decline of approximately 5.12%, while Brent Crude has fallen by about 5.50%. Both assets currently have a 1-day technical analysis signal of Sell and Sell, respectively, indicating bearish sentiment in the short term. Investors can explore more updates, prices, and analysis across global markets at Commodities.