International oil prices, which had hit their lowest level since 2021, rebounded slightly on the 17th (local time). The move is seen as driven by U.S. President Donald Trump designating the Venezuelan regime as a "foreign terrorist organization (FTO)" and ordering a total blockade on the entry and exit of sanctioned oil tankers.
On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) for February 2026 was transacting at $56.13 at 8:28 a.m. Eastern time. It rose 1.81% ($1) from the previous day. At the same time on the ICE Futures exchange in London, Brent for February rose 1.73% ($1.02) to $59.94 per barrel.
Recently, the possibility of a peace deal between Russia and Ukraine had driven international oil prices lower. That was because expectations strengthened that Russian crude would be supplied.
However, CNBC said the trend reversed after President Trump ordered a "comprehensive and complete blockade" on all sanctioned oil tankers coming out of Venezuela.
Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). It holds the world's largest crude reserves. Venezuela exports about 749,000 barrels of crude per day this year, and half of that headed to China.