WASHINGTON (dpa-AFX) - Oil prices traded higher on Friday after the U.S. reportedly seized an oil tanker off the coast of Venezuela and issued new sanctions targeting Venezuela.
However, the commodity headed for a weekly loss amid anxiety surrounding a potential Russia-Ukraine peace deal.
Benchmark Brent crude futures jumped 0.7 percent to $61.73 a barrel while WTI crude futures were up 0.8 percent at $58.05.
Supply concerns intensified after the United States seized a tanker some 360 nautical miles to the northwest, near the coast of Venezuela.
Media reports suggest the U.S. is preparing to seize additional tankers carrying Venezuelan crude, marking a dramatic escalation in U.S. President Donald Trump's campaign to pressure strongman Nicolas Maduro by cutting off access to oil revenues.
Meanwhile, the U.S. Treasury imposed new sanctions Thursday against three of Maduro's relatives as well as six companies shipping the South American country's oil.
'Nicolas Maduro and his criminal associates in Venezuela are flooding the United States with drugs that are poisoning the American people,' Treasury Secretary Scott Bessent said in a statement.
The release of Baker Hughes weekly U.S. oil and gas rig count later in the day may provide additional insight into the supply trends.
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