Oil Prices Climb After Trump Orders Venezuela Blockade

Brent crude, the global benchmark, rose over 2%, topping $60 a barrel.

West Texas Intermediate, the U.S. benchmark, gained 2.5%, trading around $56.50.

Shares of BP and Shell both rose around 2.5% in London.

France’s TotalEnergies, Italy’s Eni and Spain’s Repsol all gained more than 1%.

“The move marks a significant escalation in U.S. pressure on Venezuela and follows the recent seizure of a tanker, raising the risk that prolonged disruptions could affect exports of roughly 590,000 barrels per day, most of which are destined for China,” said MUFG analyst Soojin Kim.