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Oil prices climbed in Asian trading on Thursday after the United States seized a sanctioned crude tanker off the coast of Venezuela, escalating concerns about potential supply disruptions. The incident added fresh geopolitical tension to an already sensitive market, supporting both Brent and WTI crude benchmarks.
As of 21:38 ET (02:38 GMT), February Brent futures rose 0.4% to $62.44 per barrel, while West Texas Intermediate (WTI) crude gained 0.5%, trading at $58.78 per barrel. The upward movement followed media reports confirming that a vessel identified as the Skipper was intercepted near Venezuelan waters in a joint operation involving the U.S. Coast Guard, FBI, and Homeland Security. President Donald Trump later described the tanker as the “largest ever” seized under U.S. sanctions enforcement. The action highlights the ongoing risks facing Venezuelan oil exports and has injected a renewed supply-risk premium into global crude markets.
Further supporting prices, the latest U.S. Energy Information Administration (EIA) report showed a larger-than-expected draw in commercial crude inventories. Stockpiles fell by 1.812 million barrels, surpassing forecasts of a 1.1 million-barrel decline. The draw suggests slightly tighter supply conditions, even as gasoline and distillate inventories increased due to seasonal demand shifts.
Market sentiment was also influenced by the Federal Reserve’s decision to cut interest rates by 25 basis points, marking the third cut of the cycle and bringing the target range to 3.5%–3.75%. Although the move sparked internal dissent within the central bank, the resulting weaker U.S. dollar and lower borrowing costs helped improve the outlook for commodity demand, including crude oil.
Overall, the combination of geopolitical tensions, tightening U.S. crude supplies, and a supportive monetary policy environment continues to drive volatility—and potential upside—in global oil prices.
