WTI and Brent crude futures climbed amid heightened geopolitical tensions after the U.S. intensified its blockade of Venezuelan oil exports by intercepting a third tanker. The move underscores growing supply risks in global energy markets.
- U.S. intercepted the tanker Centuries, marking the third vessel targeted in the enforcement campaign.
- WTI crude (CL=F) rose to $82.60/bbl, a 2.1% increase on December 21.
- Brent crude (BZ=F) climbed to $88.45/bbl, up 1.8% amid supply concerns.
- Venezuela’s crude exports are down to ~500,000 bpd in 2025 from a peak of over 2 million bpd.
- Each intercepted tanker could remove up to 100,000 bpd from global supply.
- Maritime insurers are evaluating higher premiums for Venezuelan crude shipments.
Global oil prices surged on December 21 as the United States took further steps to restrict Venezuela’s oil exports, targeting the tanker Centuries in a coordinated maritime operation. Footage released by U.S. Homeland Security Secretary Kristi Noem showed a helicopter conducting surveillance over the vessel, signaling the latest escalation in Washington’s campaign to limit output from the OPEC member. The Centuries, which was en route with a cargo of heavy crude, is the third vessel to be intercepted under the U.S. enforcement initiative in recent weeks. The action comes amid a broader effort by U.S. authorities to enforce sanctions against Venezuela’s state-owned oil company, PDVSA, by denying access to international shipping lanes. This latest move adds to concerns about disrupted supply flows, particularly from a region already facing production challenges. With Venezuelan crude exports averaging approximately 500,000 barrels per day in 2025—down from over 2 million in prior years—the blockade could further tighten already tight global markets. As of December 21, front-month WTI crude futures (CL=F) traded at $82.60 per barrel, a 2.1% increase, while Brent crude (BZ=F) rose to $88.45, marking a 1.8% gain. The upward momentum reflects investor anxiety over potential supply disruptions and the possibility of additional enforcement actions. Market analysts note that each intercepted tanker could remove up to 100,000 barrels per day from the global supply chain, compounding existing tightness in the physical market. Energy traders and shipping insurers are reassessing risk exposure, with several major maritime insurance providers indicating they may impose higher premiums for vessels carrying Venezuelan crude. The move also affects regional markets, particularly in Asia and Latin America, where demand for Venezuelan heavy crude has been rising due to refining flexibility and cost advantages.