Oil headed for the biggest weekly gain since late October, as traders tracked a partial US blockade of crude shipments from Venezuela and a military strike by Washington against a terrorist group in Nigeria.
US benchmark West Texas Intermediate was steady above $58 a barrel, more than 3% higher this week, the most since the period to Oct. 24. On Venezuela, a sanctioned tanker pursued by US forces turned away from the South American nation, as the Trump administration piled pressure on Caracas.
The White House has ordered commanders to concentrate for the next two months on quarantining Venezuelan oil, according to a person familiar with the matter. The person, who requested anonymity, said US forces were focused almost exclusively on the blockade, rather than military options.
US oil remains on track for the biggest annual decline since 2020 after slumping about 18%. The decline has been driven by expectations for a surplus, with virtually all of the world’s major crude traders foreseeing a global glut next year after producers in and outside OPEC increased supplies. Still, the intensifying geopolitical flareups have helped keep a floor under prices.
In Africa, President Donald Trump said that the US launched a “powerful and deadly strike against ISIS terrorist” in Northwest Nigeria, according to a social-media post. The country, an OPEC member, produced about 1.5 million barrels a day in November, according to data from the cartel.
US Defense Secretary Pete Hegseth threatened there would be “more to come” if Islamic State did not stop going after “innocent Christians in Nigeria”. The White House did not respond to a request for more details on the strike, including those impacted or the weaponry used.
In Europe, meanwhile, Ukraine’s president, Volodymyr Zelenskiy, said Thursday he had “a very good conversation” with US envoys Steve Witkoff and Jared Kushner, with an aim toward ending Russia’s war. Among military moves, Kyiv attacked the Novoshakhtinsk refinery in the southern Rostov region.
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This article was generated from an automated news agency feed without modifications to text.
