Oil prices are rising worldwide as investors assess supply risks linked to growing tensions between the United States and Venezuela after the former seized an oil tanker Skipper on 10 December, a move Caracas calls “international piracy”.
Concerns have intensified after the seizure as U.S signaled further action against vessels carrying the country’s crude, moves that could deepen the sharp decline in Venezuela’s exports.
Reduced shipments are also cutting into the government’s primary source of hard currency, increasing pressure on public spending and political stability.
Venezuela condemned the seizure as “international piracy” and promised to appeal to international bodies. The U.S. aims to prevent Venezuela from exporting oil to markets like China, which continue to support President Nicolás Maduro, while also targeting revenue that funds the government.
Globally, Venezuela counts on strong support from Russia, China, Cuba and Iran. Russia is its closest ally, offering diplomatic backing and criticising U.S. military operations.
China and Iran are economic and political partners, emphasising mutual trust and growing cooperation.
In contrast, most Latin American countries are cautious. While some, like Cuba, openly defend Maduro, others, including Colombia, the Dominican Republic, and Trinidad and Tobago, have aligned with the U.S. in varying degrees, allowing military operations or cooperating on security measures.
Regional responses are careful and measured, focusing on dialogue, respect for international law, and in some cases, the promotion of democratic processes in Venezuela.
The tension highlights the delicate balancing act in Latin America. Neighboring countries seek to avoid direct confrontation while navigating pressures from Washington and Caracas.
Analysts warn that the situation could have lasting effects on regional stability and Venezuela’s domestic economy, especially as oil revenues are threatened.
The U.S. Treasury announced additional sanctions on individuals close to President Nicolás Maduro, companies involved in oil transport, and multiple supertankers On 11 December.
U.S. Secretary of State Marco Rubio spoke with Syrian Foreign Minister Asaad al-Shibani regarding broader counterterrorism cooperation and confirmed the U.S. commitment to preventing Venezuela from circumventing sanctions and exporting crude to supporting markets.
Maritime law experts note that seizing a vessel is not automatically considered piracy if conducted under valid court orders, involves sanctioned entities, or concerns ships without a lawful flag.
Washington appears to be relying on these legal frameworks to justify the operation, while Caracas continues to contest its legitimacy and plans to appeal to international bodies.
The escalation underscores the delicate balancing act in Latin America, as neighboring states navigate pressure from both Washington and Caracas.
Analysts warn that sustained restrictions on Venezuelan oil exports could have ripple effects on regional stability and the global energy market, heightening uncertainty for oil-importing nations.
For now, the U.S.–Venezuela confrontation appears less focused on immediate regime change and more oriented toward long-term economic attrition.
By constraining Maduro’s revenue streams and signaling risks to third-party actors, Washington is attempting to limit Venezuela’s strategic options while preparing for a protracted period of tension that may extend beyond bilateral relations.
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Iran and the U.S. exchanged threats on Tuesday, as U.S. Defense Secretary Pete Hegseth warned Tehran to expect the “most intense day" of attacks so far. Meanwhile, Iranian President Masoud Pezeshkian said “anyone who entertains the illusion of destroying Iran knows nothing of history."
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China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 10th of March, covering the latest developments you need to know.
U.S. President Donald Trump called his recent phone conversation with Russian President Vladimir Putin “very good.” The two leaders spoke on Monday about the situation in Iran and other international issues.
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