Global oil prices continued to rise after the United States seized a tanker off the coast of Venezuela that was under sanctions. The move has heightened tensions between Washington and Caracas and raised concerns about potential disruptions to oil supplies.
• Brent crude futures rose 27 cents, or 0.4 percent, to $62.48 a barrel.
• US West Texas Intermediate (WTI) crude rose 33 cents, or 0.6 percent, to $58.79 a barrel.
Market analyst Tony Sycamore said the news of the seizure of tankers off the coast of Venezuela was the main reason for the rise in WTI prices. “These events are likely to keep oil prices above $55 until the end of the year, unless, of course, a sudden peace agreement is reached in Ukraine,” Sycamore said.
Recall that US President Donald Trump announced: “We just seized tankers off the coast of Venezuela - large tankers, huge, one of the largest in fact.”
