Oil prices surged Wednesday, jumping off multi-year 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 2% to $60.1 in early trading, while West Texas Intermediate futures climbed 2.09% to $56.28. WTI futures fell to their lowest settlement level since February 2021 on Tuesday, according to Dow Jones Market Data.

That was amid hopes of a peace deal between Ukraine and Russia, among other factors including record domestic production and weakening demand in China. But as one geopolitical risk looks set to ease, another one is ramping up. Trump said Venezuela was "completely surrounded by the largest Armada ever assembled in the History of South America," in a post on Truth Social late Tuesday.

Oil stocks, which have had a tough month so far, were enjoying a boost Wednesday. Indonesia Energy up 6%; United States Oil Fund, Shell and BP rose more than 2%; Apache, Occidental, Exxon Mobil and Chevron up around 1% higher ahead of the U.S. market open.

However, the rally in oil prices may end up being short-lived unless other catalysts start to emerge.

"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 Wednesday.