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President Trump announced Wednesday that U.S. forces have seized a sanctioned oil tanker off Venezuela’s coast, marking what he called the largest tanker seizure in history. The action represents a significant escalation in Washington’s pressure campaign against Venezuelan President Nicolas Maduro’s socialist government.
U.S. officials characterized the seizure as a “judicial enforcement action” executed by the Coast Guard with Navy support. The USS Gerald R. Ford aircraft carrier, which Trump deployed to the region last month, was reportedly involved in the operation. Trump declined to reveal the tanker’s ownership, flag, or destination, but hinted at additional forthcoming developments while stating the U.S. would likely keep the seized oil.
The seizure caused immediate market reactions, with crude oil futures jumping from approximately $58 to $59 per barrel on the New York Mercantile Exchange. Industry analysts predict the action will severely hamper Venezuela’s oil export capabilities, as other shipping companies will likely refuse to transport Venezuelan crude out of fear of similar seizures.
Venezuela, which possesses the world’s largest oil reserves, currently produces about 1 million barrels daily and exported over 900,000 barrels per day last month. However, U.S. sanctions have restricted the country’s access to global markets, forcing it to sell most output at steep discounts to China and Cuba.
Caracas has attempted to circumvent sanctions through complex networks of shell companies and “ghost tankers” that conceal their locations during ocean transport.
The seizure occurred hours after Venezuelan opposition leader Maria Corina Machado missed the Nobel Peace Prize ceremony in Norway. Machado, who has been hiding in Venezuela since January and is barred from leaving the country, dedicated her prize to Trump for his support of the opposition cause.
Trump has dramatically intensified pressure on Maduro in recent months. Since September, U.S. forces have conducted more than 20 strikes against suspected drug-trafficking vessels near Venezuela and Colombia, resulting in over 80 deaths. The deployment of the USS Gerald R. Ford, along with 11 warships, numerous aircraft, and thousands of troops, represents the largest U.S. military presence in the region in decades.
On Monday, U.S. fighter jets flew close to Venezuelan airspace in the most aggressive approach yet. Trump has publicly discussed potential military action against Venezuela, including land strikes, as part of his administration’s anti-drug trafficking campaign. Reports indicate Trump told Maduro during a recent phone call to resign or face consequences, while rejecting Maduro’s demands for military control and amnesty in exchange for free elections.
Read more: Trump says U.S. seized an oil tanker off Venezuela’s coast
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