Crude oil prices rose by more than 2% in midday trading on Wednesday, December 17, after four consecutive sessions of declines. Prices rebounded from their lowest levels since February 2021, reached on Tuesday, supported by escalating tensions between the United States and Venezuela. Official inventory figures are expected later today. US crude (WTI) is up approximately 2.48%, trading at $60.64 per barrel, while Brent crude is trading at $60.31 per barrel, up about 2.36%. This morning, the US president ordered a blockade on oil tankers subject to sanctions, both those entering and leaving Venezuela. This further heightened tensions between Washington and Caracas after the US seized an oil tanker last week. The Venezuelan president indicated that this action aims to plunder the country’s resources. In a related development, the United States indicated its readiness to impose new sanctions and measures if Moscow rejects the peace agreement with Ukraine, following a report by the Russian news agency on Tuesday that Russia would not make any territorial concessions in its peace talks. Meanwhile, a report released Tuesday by the American Petroleum Institute showed a decline in crude oil inventories of 9.3 million barrels for the week ending December 12, compared to expectations of a 1.9 million barrel decrease. Specifically, gasoline inventories rose by approximately 4.9 million barrels, while distillate fuel inventories, which include heating oil and diesel, increased by about 2.5 million barrels. Markets are awaiting official inventory figures from the U.S. Energy Information Administration today, with estimates suggesting a 2.4 million barrel decline in inventories last week. Oil prices rose amid escalating tensions between Washington and Caracas.