Oil prices moved higher in Asian trading on Thursday after the United States seized a sanctioned oil tanker near Venezuela. The action raised new concerns about possible supply disruptions. At the same time, traders assessed the impact of falling U.S. crude inventories.
By 21:38 ET (02:38 GMT), Brent futures for February were up 0.4% at $62.44 per barrel. West Texas Intermediate (WTI) crude added 0.5%, trading at $58.78 per barrel.
According to media reports, the intercepted ship — identified by maritime sources as the Skipper — was stopped close to Venezuelan waters. The coordinated operation involved the U.S. Coast Guard, the FBI, and Homeland Security.
U.S. President Donald Trump confirmed the seizure on Wednesday. He described the vessel as the “largest ever” taken under U.S. sanctions enforcement.
The incident renewed concerns about Venezuelan oil exports and added a fresh supply-risk premium to global energy markets.
U.S. crude stocks fall, EIA reports
Weekly data from the U.S. Energy Information Administration (EIA) showed that commercial crude inventories fell by 1.812 million barrels. This decline exceeded expectations for a 1.1 million-barrel draw. The figures suggest that crude supplies remain tighter than projected.
However, gasoline inventories increased during the week. The rise reflects the usual seasonal slowdown in fuel demand following the peak autumn driving period. Distillate stocks — which include diesel and heating oil — also recorded an uptick.
Federal Reserve cuts rates amid internal divisions
On Wednesday, the Federal Reserve lowered its benchmark interest rate by 25 basis points. This marks the third rate cut of the current cycle and brings the target range down to 3.5–3.75%.
The move came despite disagreements within the central bank, as several members dissented.
The rate cut weakened the U.S. dollar and reduced borrowing costs, which helped improve demand prospects for commodities such as oil.
