US Seizes Venezuelan Tanker, Crude Oil Climbs on Supply Disruption

• Crude oil prices rose following the US seizure of a sanctioned Venezuelan tanker, hindering supply and increasing geopolitical tensions.
• Global benchmark Brent crude climbed 0.4% to over $62 per barrel, with West Texas Intermediate (WTI) trading near $59.
• The US military intercepted and boarded the tanker, an action Venezuela denounced as "piracy" and a significant escalation.
• Venezuela, holding the world's largest oil reserves, exported nearly 586,000 barrels per day last month, mostly to China.
• These rising tensions coincide with a negative petroleum outlook, as increased production is expected to outpace demand growth.

Why It Matters: US tanker seizure impacts global oil supply and prices, affecting your fuel costs.