Global oil prices rose more than 1% on Monday after US President Donald Trump ordered a "total and complete" blockade of all oil tankers carrying oil to and from Venezuela. This move has raised geopolitical tensions amid concerns about demand.
• Brent crude futures rose 70 cents, or 1.2%, to $59.62 a barrel.
• US West Texas Intermediate (WTI) crude rose 73 cents, or 1.3%, to $56.00 a barrel.
Trump ordered a blockade of all tankers carrying oil to and from Venezuela, adding that he now considers the country's leaders a "foreign terrorist organization."
A US oil trader estimates that this move could affect 0.4-0.5 million barrels per day, raising prices by $1-2 per barrel.
