Oil rebounds from lowest levels since 2021 after Trump orders Venezuela oil tanker blockade

Core Viewpoint - U.S. crude oil prices increased over 1% following President Trump's announcement to block all sanctioned oil tankers from Venezuela, indicating a potential shift in market dynamics and supply concerns [1]. Group 1: Price Movements - U.S. crude oil rose by $1.03, or 1.86%, reaching $56.30 per barrel [1]. - Global benchmark Brent crude increased by $1.04, or 1.77%, trading at $59.96 [1]. - The U.S. benchmark had previously fallen to its lowest levels since early 2021, driven by expectations of a peace agreement in Ukraine that could allow Russian crude back into the market [2]. Group 2: Market Context - The rise in crude oil prices comes after a period of near four-year lows, suggesting a volatile market influenced by geopolitical events [1][2]. - The potential return of Russian crude to a well-supplied market could further impact pricing and supply dynamics in the near future [2].