High Seas Showdown: U.S. Pursues Sanctioned Oil Tanker Near Venezuela

The U.S. Coast Guard is chasing an oil tanker under sanctions in international waters near Venezuela. This follows President Trump's recent blockade announcement targeting sanctioned vessels. While White House officials report that the seized tankers operated on the black market, traders fear increased geopolitical risks and rising oil prices.

The U.S. Coast Guard is actively tracking an oil tanker laden with sanctions in international waters adjacent to Venezuela, Reuters reported on Sunday. This marks the second such incident over the weekend and the third in less than a week.

An unnamed official disclosed that the tanker was under sanctions, though the exact location wasn't specified. Simultaneously, President Donald Trump recently declared a 'blockade' to prevent sanctioned oil tankers from accessing Venezuela.

While White House National Economic Council Director Kevin Hassett assured that the seized tankers were black market vessels, thus unlikely affecting U.S. prices, industry insiders predict escalating geopolitical risks and potential price hikes in Asian markets due to the seizures.

(With inputs from agencies.)