Trump's Venezuela Blockade Ignites Crude Oil Prices, Surging Over 1%

• US President Donald Trump ordered a "complete" blockade on all sanctioned oil tankers entering and leaving Venezuela.
• Following Trump's decision, US crude oil futures prices surged by 1.3%, or 72 cents, to $55.99.
• Trump declared Venezuela's rulers a foreign terrorist organization, citing theft of American assets, terrorism, drug smuggling, and human trafficking.
• The blockade intensifies pressure on Nicolas Maduro's government, whom Trump blames for drugs entering the US.
• This surge contrasts with oil prices closing near a 5-year low the previous day due to Russia-Ukraine peace talks.

Why It Matters: Trump's Venezuela blockade decision caused crude oil prices to jump over 1%, reversing recent lows.