U.S. oil prices rose on Friday after President Donald Trump told NBC News he would not rule out war with OPEC member Venezuela.
“I won’t rule out that possibility,” President Trump said in a telephone interview. He declined to say whether overthrowing President Nicolas Maduro was his goal.
“He knows exactly what I want,” Trump told NBC. “He knows better than anyone.”
The current oil market does not present a significant risk of supply disruption. usa crude oil It rose 51 cents, or 0.91%, to close at $56.66 per barrel. brent It rose 65 cents, or 1.09%, to settle at $60.47.
U.S. benchmarks fell to four-year lows earlier this week as traders priced in the possibility that a Ukraine peace deal could bring more Russian crude to a well-supplied market.
President Trump is increasing pressure on President Maduro. He ordered the blockade of a sanctioned oil tanker off the coast of the South American nation after the ship was seized last week.
The United States has mounted a major military buildup in the Caribbean, launching deadly attacks on ships it says are trafficking drugs to the United States. The legality of these attacks is debated and subject to scrutiny by Congress.
Venezuela is a founding member of OPEC and has the world’s largest proven oil reserves. It has exported about 749,000 barrels per day this year, with at least half going to China, according to Kpler data. Venezuela exports about 132,000 barrels per day to the United States, according to Kpler.
