Oil prices rose after US President Donald Trump tightened the blockade on Venezuela. The US has already seized one tanker and is now pursuing another just weeks after the first seizure.
Brent crude rose to near $61 per barrel after two consecutive weeks of decline. Meanwhile, West Texas Intermediate (WTI) hovered around $57.
On Saturday, the US Coast Guard boarded the Centuries tanker in the Caribbean. The vessel was carrying approximately 2 million barrels of Venezuelan crude. At the same time, the US is also pursuing the Bella 1 tanker, which was heading to the Latin American country.
Supply tensions are also escalating from other OPEC+ members. Ukraine, for the first time, attacked a tanker from Russia's "shadow fleet" in the Mediterranean Sea using drones. Previously, there was also an attack on Lukoil PJSC facilities in the Caspian Sea.
This geopolitical situation has helped to contain the decline in oil prices, which have fallen by about a fifth so far this year. The decline was due to excess supply, as OPEC+ restored production faster than expected, while other countries also increased output and demand remained weak. As of 7:22 a.m. in Singapore, February Brent crude rose 0.6% to $60.83, and February WTI crude rose 0.6% to $56.86. (asd)
Source: Newsmaker.id
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