Politics

Oil prices rose on Monday during early trading in Asia after the U.S. stopped a Venezuelan oil tanker over the weekend. According to Reuters, U.S. officials also mentioned that they are tracking another tanker, which would mark the third operation of this kind in less than two weeks if successful. As of GMT 2323, U.S. West Texas Intermediate crude increased by 34 cents, or 0.6%, reaching $56.86 per barrel. The U.S. Coast Guard is currently in “active pursuit” of another ship in international waters near Venezuela as tensions in the area heighten. The pursuit on Sunday was linked to a “sanctioned dark fleet vessel that is part of Venezuela’s illegal sanctions evasion,” a U.S. official stated. The vessel is reportedly flying a false flag and is under a judicial seizure order. Washington has accused Venezuela of using oil revenue to support drug-related crime, while Venezuela claims the seizure of tankers is “theft and kidnapping.” Last week, U.S. President Donald Trump ordered a “blockade” on oil tankers that are under sanctions entering and leaving the country. Venezuela, which has the largest proven oil reserves in the world, has accused the Trump administration of attempting to steal its resources. U.S. authorities have not yet officially confirmed the pursuit from Sunday, and details about the location and name of the tanker involved remain unknown.