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Oil prices rose in Asian trading on Thursday after the United States seized a sanctioned oil tanker near Venezuela, raising concerns about potential supply disruptions, while a drop in U.S. crude inventories added further support.
As of 21:38 ET (02:38 GMT):
- Brent (Feb) rose 0.4% to $62.44 per barrel
- WTI gained 0.5% to $58.78 per barrel
U.S. Seizes Venezuelan-Linked Tanker
Media reports indicated that a tanker — identified as the Skipper — was intercepted near Venezuelan waters in a coordinated operation involving the U.S. Coast Guard, FBI, and Homeland Security.
President Donald Trump confirmed the seizure, calling it the “largest ever” vessel taken under U.S. sanctions enforcement.
The operation underscored the potential for further disruptions to Venezuelan exports, injecting a fresh supply-risk premium into global oil markets.
U.S. Crude Inventories Decline – EIA
Weekly data from the Energy Information Administration (EIA) showed:
- Crude stocks fell by 1.812 million barrels, surpassing expectations for a 1.1 million-barrel draw.
- Gasoline inventories increased, reflecting softer seasonal demand.
- Distillate inventories — including diesel and heating oil — also rose.
The crude draw suggests that near-term supply remains tighter than anticipated.
Fed Rate Cut Adds Support
The Federal Reserve cut interest rates by 25 basis points, lowering the target range to 3.5%–3.75%, marking its third cut in the current cycle.
The decision, despite several dissenting votes, pushed the U.S. dollar lower, improving demand prospects for dollar-denominated commodities such as oil.
