By WSJ Staff

Oil futures and shares of energy companies rallied, after President Trump ordered a blockade of sanctioned tankers entering and exiting Venezuela. In recent trading:

-- Brent crude, the global benchmark, rose over 2%, topping $60 a barrel.

-- West Texas Intermediate, the U.S. benchmark, gained 2.5%, trading around $56.50.

-- Shares of BP and Shell both rose around 2.5% in London.

-- France's TotalEnergies, Italy's Eni and Spain's Repsol all gained more than 1%.

"The move marks a significant escalation in U.S. pressure on Venezuela and follows the recent seizure of a tanker, raising the risk that prolonged disruptions could affect exports of roughly 590,000 barrels per day, most of which are destined for China," said MUFG analyst Soojin Kim.

On Tuesday, crude benchmarks settled at their lowest since February 2021, pressured by prospects of a widening surplus and renewed optimism over Russia-Ukraine peace talks. Prices have fallen roughly 20% this year.

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(END) Dow Jones Newswires

December 17, 2025 06:31 ET (11:31 GMT)

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