Crude futures picked up from early losses and added to yesterday’s gains as the U.S. stepped up actions in the Caribbean to cut off Venezuela’s oil trade and increased pressure on the country’s strongman Nicolás Maduro.

Oil settled marginally lower on Wednesday, and prices were on course for their steepest annual decline since 2020 as investors weighed U.S. economic growth and assessed the risk of supply disruptions from Venezuela and Russia.

Shell and INEOS Energy have struck oil at a deepwater exploration well in the U.S. Gulf of Mexico, confirming a new discovery in the high-pressure Norphlet formation

Crude futures ended a shortened pre-Christmas session with little change as U.S. actions to contain Venezuela’s oil trade and continuing Russia-Ukraine tensions provided support against views of oversupply.

Tanker loading in Venezuela dwindled on Monday, following U.S. action against two more ships and as state-run energy company PDVSA struggles to recover from a cyberattack.

Gold and gold equities have outperformed significantly since 2022, but market leadership is now shifting toward the energy sector. Learn why increasing oil exposure is critical.

There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

Oil prices were little changed on Tuesday as potential sales of Venezuelan crude seized by the United States were countered by heightened supply disruption fears after Ukrainian attacks on Russian vessels and piers.