The U.S. Coast Guard attempted to seize a third oil tanker on the high seas near Venezuela. As U.S. President Donald Trump's previewed complete blockade of Venezuela's oil exports takes effect, uncertainty has grown in global oil prices and the maritime logistics market.
On the 21st local time, Reuters reported that the U.S. government is pursuing the oil tanker Bella 1, part of a dark fleet involved in evading Venezuela sanctions. Bella 1 was confirmed to be a stateless vessel without a valid flag.
The vessel is suspected of having transported Iranian crude oil and been involved in financing terrorism. U.S. authorities have obtained a search and seizure warrant from a court. Bella 1 is currently defying a U.S. military order to halt and is fleeing in the Caribbean while a chase unfolds.
On the 20th, the U.S. military also seized another tanker, the Centuries. The Centuries was taken over by U.S. special forces who boarded using a helicopter while it was moving after loading crude oil in Venezuela. Minister Kristi Noem of the Department of Homeland Security said on social media, "We will track and stop the illegal movement of crude used as drug terror funds to the end." Earlier, on the 10th, the Skipper, which has a record of transporting Iranian crude oil, was seized and escorted to a port in Texas.
President Trump recently designated the Maduro regime in Venezuela as a foreign terrorist organization and declared a comprehensive blockade of oil exports. President Maduro countered by ordering his navy to escort oil tankers. Recent satellite images also captured the Centuries moving under the escort of three Venezuelan navy ships. The Venezuelan government is strongly protesting, condemning the U.S. military's seizure of tankers as the theft of private property and the kidnapping of crew.
U.S. authorities believe Bella 1 has evaded sanctions using so-called spoofing, a method of tampering with its position-tracking device. Satellite analysis shows that after loading crude oil at Iran's Kharg Island in August, Bella 1 disguised its route by conducting a ship-to-ship transfer near Oman. Experts expect the U.S. pressure on the dark fleet, which accounts for about 20% of the world's oil tankers, to accelerate.
Although he did not present evidence, President Trump is accusing the Maduro regime of supporting drug-related terrorism and human trafficking with oil sale proceeds. Since September, the U.S. military has heightened military tensions by attacking suspected drug-smuggling vessels near Venezuela, killing at least 104 people. The international community is closely watching whether the U.S. maritime blockade will lead to actual armed clashes.
For this reason, some are voicing concerns about the possibility of rising oil prices. Citing investment bank UBS, Reuters analyzed, "As even ships not under sanctions are being seized, the risk to supplies of Venezuelan crude has increased," adding, "Oil prices may rise slightly when Asian markets open." However, White House National Economic Council Chairperson Kevin Hassett said, "The seized ships are black-market vessels and will not significantly affect U.S. oil prices."