Following the US blockade on all sanctioned tankers entering and exiting Venezuela, global geopolitical tensions escalated, alleviating market fears of a widening crude oil supply surplus. As a result, international crude oil prices surged by over 1% on December 17.

However, some energy experts remain skeptical about whether President Trump's latest actions will significantly impact the global crude oil supply.

West Texas Intermediate (WTI) crude for January delivery increased by US$0.67 (1.2%), reaching US$55.94 per barrel on the New York Mercantile Exchange. Brent crude for February delivery rose by US$0.76 (1.3%) to US$59.68 per barrel.