Prices Surge on Blockade News 🔥
On Wednesday (Dec 17), oil benchmarks West Texas Intermediate (WTI) and Brent crude both jumped about 1.2%–1.3%, after briefly spiking nearly 2% during intraday trading.
The surge followed US President Donald Trump’s announcement of a 'total and complete blockade' on all sanctioned tankers entering or leaving Venezuela. In a post on Truth Social, Trump warned that Washington wouldn’t let a 'hostile regime' control US oil or other assets. 🌎⛽
What this means for you: If you’re filling up your scooter in Ho Chi Minh City or topping off your tank in New Delhi, keep an eye on local pump prices—they could tick up in the coming weeks. For investors, this adds a fresh 'geopolitical risk premium' to the market—a fancy way of saying traders will pay more to hedge against possible supply disruptions. 📈
Oil markets are already juggling OPEC+ production cuts and global demand shifts as Asian economies rebound. Now, with tensions high between Washington and Caracas, expect prices to stay volatile in the near term.
Stay tuned for updates on fuel costs and energy stocks! ✌️
Reference(s):
Oil prices rise after U.S. orders blockade on Venezuelan tankers
cgtn.com
