Oil Prices Edge Higher After US Intercepts Venezuelan Tanker

(MENAFN- Colombo Gazette) Oil prices rose during early Asian trading on Monday following reports that the United States intercepted a Venezuelan oil tanker over the weekend, heightening geopolitical tensions in the region.

US officials told Reuters on Sunday that authorities are also pursuing another tanker, which would mark the third such operation in less than two weeks if successful.

US West Texas Intermediate (WTI) crude gained 34 cents, or 0.6 percent, to trade at $56.86 per barrel as of 2323 GMT.

The US Coast Guard is said to be in“active pursuit” of another vessel in international waters near Venezuela, as Washington steps up enforcement against ships it says are involved in sanctions violations.

According to a US official, Sunday's operation involves a“sanctioned dark fleet vessel” accused of helping Venezuela evade international sanctions. The vessel is reportedly flying a false flag and is subject to a judicial seizure order.

Washington has accused Venezuela of using oil revenues to finance drug-related criminal activity, while Caracas has condemned the tanker interceptions, describing them as acts of“theft and kidnapping.”

Last week, US President Donald Trump ordered a“blockade” of sanctioned oil tankers entering or leaving Venezuela, further escalating tensions between the two countries.

Venezuela, which holds the world's largest proven oil reserves, has accused the Trump administration of attempting to seize its natural resources.

US authorities have not officially confirmed details of Sunday's pursuit, and the name and exact location of the vessel involved remain unclear.

Data compiled by TankerTrackers shows that as of last week, more than 30 of the roughly 80 vessels operating in or approaching Venezuelan waters were under US sanctions.

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