Oil Prices Spike as Trump Orders Blockade of Sanctioned Venezuelan Oil Tankers

Oil prices spiked early on Wednesday morning in Asia as President Trump announced a “total and complete blockade of all sanctioned oil tankers going into, and out of, Venezuela." At the time of writing, West Texas Intermediate crude futures had climbed 1.25% on the news to trade at $55.96, reflecting heightened market risk premiums amid fears that more Venezuelan supply will be taken offline. In the same post, Trump labeled the Venezuelan government a “foreign terrorist organization”, justifying the move as part of an effort…