Oil prices rose on Monday during early Asian trading after the United States intercepted a Venezuelan oil tanker over the weekend.
U.S. officials told Reuters on Sunday that authorities are also pursuing another tanker. If successful, it would mark the third such operation in less than two weeks.
U.S. West Texas Intermediate (WTI) crude increased by 34 cents, or 0.6 percent, to $56.86 per barrel as of 23:23 GMT.
The U.S. Coast Guard is in “active pursuit” of another vessel in international waters near Venezuela, as tensions in the region continue to escalate. According to a U.S. official, Sunday’s operation involved a “sanctioned dark fleet vessel that is part of Venezuela’s illegal sanctions evasion,” adding that the tanker was flying a false flag and was subject to a judicial seizure order.
Washington has accused Venezuela of using oil revenues to finance drug-related crime. Venezuela, however, has condemned the tanker seizures, calling them acts of “theft and kidnapping.”
Last week, U.S. President Donald Trump ordered a “blockade” of sanctioned oil tankers entering or leaving Venezuela. Caracas—home to the world’s largest proven oil reserves—has accused the Trump administration of attempting to steal its resources.
U.S. authorities have not yet officially confirmed Sunday’s pursuit, and the name and exact location of the tanker remain unknown.
According to data compiled by TankerTrackers.com, more than 30 of the 80 ships operating in or approaching Venezuelan waters were under U.S. sanctions as of last week.
