America News Agency

Brent crude futures rose 27 cents, or 0.4%, to $62.48 per barrel, while U.S. West Texas Intermediate (WTI) crude increased 33 cents, or 0.6%, to $58.79 per barrel.

Analysts noted the sharp rise in WTI crude following the news of the U.S. seizure, adding that reports of Ukraine striking a vessel belonging to Russia’s “shadow fleet” also supported the upward movement.

According to analysts, these developments will keep WTI prices above the $55 support level through the end of the year unless a peace agreement is signed in Ukraine.

U.S. President Donald Trump said on Wednesday: “We seized a tanker off Venezuela, a huge tanker, really one of the biggest ever, and other things are happening as well.”

Trump administration officials did not disclose the vessel’s name. The British maritime risk management group Vanguard said they believe the seized tanker is the one named Skipper.

Oil market analysts highlighted that rapidly increasing loading risks have prompted Asian buyers to demand significant discounts on Venezuelan crude.

Meanwhile, Ukrainian naval drones disabled a tanker transporting Russian oil as it passed through Ukraine’s exclusive economic zone in the Black Sea.

Investors continue to focus on developments in Ukraine peace talks. Leaders of the United Kingdom, France, and Germany held a phone call with Trump to discuss Washington’s latest efforts to end the war, calling this a “critical moment.”

On the U.S. policy front, the Federal Reserve — deeply divided internally — lowered interest rates as expected. Analysts noted that lower rates could boost economic growth and oil demand while reducing borrowing costs for consumers.