International oil prices rose sharply on Wednesday after U.S. President Donald Trump ordered a “total and complete blockade” of all U.S.-sanctioned oil tankers entering and leaving Venezuela.
The move significantly upped the geopolitical risk to global energy markets with West Texas Intermediate for January delivery rising 1.21 per cent to settle at 55.94 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for February delivery gained 1.29 per cent, ending the session at 59.68 dollars a barrel on the London ICE Futures Exchange.
President of Venezuela Nicolas Maduro however insisted that Venezuela would continue trading its oil.
“Our oil and all our natural wealth belong to their only legitimate owner — our sovereign people of Venezuela,” Maduro said, citing the country’s constitution and the legacy of Simón Bolívar.
Caracas had previously condemned the seizure of vessels as “acts of state piracy” and demanded the return of crews and cargoes.
Supporters of President Maduro protested the U.S. oil measures in Caracas, denouncing them as economic aggression and a violation of international law.
President Trump defended the blockade as part of a broader strategy to recover U.S. assets and curb illicit funding to the Maduro regime, accusing Venezuela of using oil revenues to finance criminal activities, including drug trafficking and human trafficking.
Trump’s administration has also designated elements of the Venezuelan leadership as a foreign terrorist organisation, broadening the legal basis for sanctions enforcement.
“We’re getting land, oil rights, whatever we had. They took it away because we had a president that maybe wasn’t watching,” Trump told reporters, “They threw our companies out and we want it back.”
Meanwhile, Caracas has requested an emergency meeting of the UN Security Council to address what it describes as ongoing U.S. aggression.
A UN diplomat said a meeting would likely be scheduled for next Tuesday (23 December).
The blockade follows recent U.S. actions, including the seizure of the oil tanker M/T Skipper off Venezuela’s coast, which was carrying heavy crude in violation of U.S. sanctions, marking the first such seizure since 2019.
Reuters reported that over 30 sanctioned vessels operating near Venezuelan waters now face potential interception.
Meanwhile, Russia publicly expressed concern, warning the U.S. against making a “fatal mistake” and reaffirming support for Caracas, highlighting broader geopolitical tensions in the Western Hemisphere.
Beijing also reiterated its support for the Maduro led administration on Thursday 18 December in a phone call between Chinese Foreign Minister Wang Yi and Venezuelan counterpart Yvan Gil,
Wang asserts China’s support for Venezuela in safeguarding its sovereignty, national dignity and right to independent development, while stressing Beijing’s opposition to unilateral sanctions and what it views as external interference.
Despite the immediate price rally, industry analysts caution that global oil markets may not face major supply disruptions unless Venezuelan output falls further or enforcement expands, as alternative supplies remain ample and sanctioned exports are a fraction of world demand.
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The Strait of Hormuz has become a focal point of global concern as tensions rise following the conflict involving Iran, the United States and Israel. Tehran has threatened to block the strategic waterway, raising fears of disruption to global oil shipments and energy markets.
Turkish President Recep Tayyip Erdoğan has told Masoud Pezeshkian, his Iranian counterpart, that violations of Turkish airspace by Iran could not be justified “for any reason whatsoever.”
U.S. Ambassador to the United Nations, Mike Waltz, has addressed the U.N. Security Council, saying the world must consider how effective its engagement with the Taliban-run country is as millions face hunger.
Trump says the United States "don’t need people that join wars after we’ve already won," targeting his criticism at UK Prime Minister Keir Starmer. Israel continues to fire missles at strategic sites in Iran and Gulf regions report more strikes from Iran.
Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including threats over the strategic Strait of Hormuz, a critical artery for global oil supplies.
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.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader on Monday (9 March), signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.
Iranian civilian and military officials have pledged their obedience to the new leader, Ayatollah Seyed Mojtaba Khamenei, with President Masoud Pezeshkian saying his leadership “will herald a new era of dignity and authority for the Iranian nation.”.
Iran and Israel continue to exchange missile and drone strikes across the Middle East - all the latest updates throughout the day on AnewZ
U.S. Ambassador to the United Nations, Mike Waltz, has addressed the U.N. Security Council, saying the world must consider how effective its engagement with the Taliban-run country is as millions face hunger.
British MPs have rejected a proposal to introduce an Australia-style ban on social media for under-16s, opting instead to give ministers flexible powers to impose restrictions on platforms.
Australia has granted humanitarian visas to five Iranian women footballers who sought asylum, fearing persecution after refusing to sing their national anthem at an Asia Cup match.
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.
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