Trump’s Venezuela Blockade Lifts Oil. Exxon and Chevron Rise.

U.S. oil futures fell to their lowest level since February 2021 on Tuesday, before rebounding. (Getty Images)

Key Points

• Oil prices rose after President Trump ordered a blockade of Venezuelan oil tankers, with Brent crude up 1.5% to $55.94.
• West Texas Intermediate futures climbed 1.5% to $59.78, recovering from a multiyear low set on Tuesday.
• Despite the blockade order, Venezuela’s state oil company reported that crude export operations were continuing normally.

Oil prices surged on Wednesday, climbing off multiyear lows after President Donald Trump ordered a “total and complete blockade” of oil tankers into and out of Venezuela.

Brent crude futures , the international benchmark, rose 1.5% to $55.94 and West Texas Intermediate futures climbed 1.5% to $59.78.

On Tuesday, WTI futures fell to their lowest settlement level since February 2021, according to Dow Jones Market Data.

Created with Highcharts 9.0.1Source: FactSetNote: continuous crude oil futures contractsAs of Dec. 17, 3:06 p.m. ET

Created with Highcharts 9.0.1BrentWTI2025Dec.50556065707580$85

The drop was triggered the possibility of a peace deal between Ukraine and Russia, record domestic production, and weakening demand in China.

On Truth Social late Tuesday, Trump said Venezuela was “completely surrounded by the largest Armada ever assembled in the History of South America.”

On Wednesday, Venezuela was still exporting crude, the French news agency AFP reported, citing the country’s state oil company.

“Export operations for crude and byproducts continue normally,” Petróleos de Venezuela (PdVSA) said in a statement. “Oil tankers linked to PdVSA operations continue to sail.”

On Wall Street, oil stocks were gaining on Wednesday. Shell and BP both rose more than 1.5%; Exxon Mobil and Chevron pointed around roughly 1% higher.

The rally in oil prices may be short-lived unless other catalysts start to emerge, one expert said.

“Ultimately, the trend is lower for oil, with it likely to persist unless there’s a pick-up in global industrial activity, a bigger supply shock, or—most likely—intervention from OPEC to support prices,” Capital.com analyst Kyle Rodda said in a note.

Write to Callum Keown at callum.keown@dowjones.com