Oil prices rose more than 2% on Monday (22) after the United States intercepted an oil tanker in international waters off the coast of Venezuela and tensions in Russia’s war against Ukraine remained high, with both developments raising fears of a supply disruption.
Brent oil futures rose 2.3%, to US$61.87 (R$342.54) per barrel, around 12:30 p.m. (Brasilia time).
Market participants, having been complacent in this regard, now see a risk of disruption to Venezuelan oil exports due to the US embargo, said Giovanni Staunovo, an analyst at UBS.
Venezuelan crude oil represents about 1% of global supply.
Increased supply from the United States and OPEC+ (Organization of the Petroleum Exporting and Allied Countries) has more than offset concerns about supply disruptions elsewhere, helping to keep Brent futures around $65 a barrel in the second half of 2025, although prices fell last month on concerns about an oil glut.
Oil prices were supported by developments in Venezuela, while tensions between Russia and Ukraine took a back seat in an otherwise very “bearish” market, said June Goh, analyst at Sparta Commodities.
The U.S. Coast Guard is pursuing an oil tanker in international waters near Venezuela in what would be the second such operation this weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.
The rise in oil prices was triggered by US President Donald Trump’s announcement of a “total and complete” blockade of sanctioned Venezuelan oil tankers and subsequent developments in the country, followed by reports of a Ukrainian drone attack on a Russian “ghost” fleet ship in the Mediterranean, assessed IG analyst Tony Sycamore.
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