Trump's Venezuela Blockade Sends Oil Prices Soaring Over 1%

• US crude futures jumped over 1% after President Donald Trump ordered a "total and complete" blockade of sanctioned oil tankers in and out of Venezuela.
• US crude futures rose 1.3%, or 72 cents, to trade at $55.99.
• Trump declared Venezuela's rulers a "foreign terrorist organization" and intensified pressure on Nicolas Maduro's government.
• The blockade follows the US seizure of a sanctioned oil tanker off Venezuela's coast last week.
• Previously, oil prices were near five-year lows due to potential easing of Russia-Ukraine sanctions, which could increase supply.

Why It Matters: Trump's blockade order on Venezuelan oil tankers caused a significant surge in global oil prices.