U.S. crude futures rose by more than 1 percent on Wednesday after U.S. President Donald Trump decided to impose a “full and comprehensive” blockade on all sanctioned oil tankers entering or leaving Venezuela.
U.S. crude futures gained 1.3 percent, or 72 cents, to reach $55.99 a barrel. Brent crude futures rose 1.24 percent, or 74 cents, to $59.65 a barrel.
Oil prices ended the previous session near their lowest levels in five years, supported by progress in Russian-Ukrainian peace talks. An agreement is expected to lead to a relaxation of Western sanctions on Moscow, allowing for increased supply amid weak global demand.
