US Seizes Oil Tanker Off Venezuela

Skipper is a Guyana-flagged “Very Large Crude Carrier,” or VLCC, that was loaded covertly with 1.1 million barrels of oil in mid-November, Smith told CNBC.

Smith said the ship appeared to be headed for Cuba, though it has been stopped offshore Venezuela since it was loaded.

U.S. crude oil was up 70 cents, or 1.2%, to $58.95 per barrel at 3:12 p.m. ET. Global benchmark Brent rose 71 cents, or 1.15%, to $62.65 a barrel.

Trump has escalated pressure on Venezuelan President Nicolás Maduro in recent weeks. The president said Maduro’s “days are numbered” in an interview with Politico published Tuesday. He would not rule out a ground invasion of the South American nation.

“I don’t want to rule in or out. I don’t talk about it,” Trump told Politico.

The White House has undertaken a large military buildup in the Caribbean and launched controversial, deadly strikes against boats that it claims were trafficking drugs to the U.S.

Venezuela is a founding member of OPEC and has the largest proven oil reserves in the world. It is exporting about 749,000 barrels per day this year with at least half that oil going to China, according to data from Kpler.

Venezuela exports about 132,000 bpd to the U.S., according to Kpler.