Published by Global Banking & Finance Review®
Posted on December 10, 2025
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleOil prices rose after the US seized a tanker near Venezuela, adding to supply concerns. Brent and WTI futures saw gains amid geopolitical tensions.
By Shariq Khan
NEW YORK, Dec 10 (Reuters) - Oil prices settled higher on Wednesday after officials said the U.S. seized an oil tanker off the coast of Venezuela, adding to concerns about immediate supplies.
Brent crude futures rose 27 cents, or 0.4%, to settle at $62.21 a barrel, while U.S. West Texas Intermediate crude futures gained 21 cents, or 0.4%, to close at $58.46 per barrel.
The U.S. seized an oil tanker off the coast of Venezuela, two U.S. officials told Reuters. The officials did not name the tanker and did not say specifically where the interdiction led by the U.S. Coast Guard took place.
Oil prices will likely react more sharply if the seizure is followed up by more such actions, said Ed Hayden-Briffett, oil analyst at Onyx Capital Group.
Both benchmark oil contracts had extended gains to about 1% since settlement.
The tanker seizure further inflames concerns about immediate supplies in a market that was already worried about movements of Venezuelan, Iranian and Russian barrels, said Rory Johnston, founder of the Commodity Context newsletter.
A Ukrainian official earlier on Wednesday said the country's sea drones had struck and disabled a tanker involved in trading Russian oil, the third such strike by Ukraine in two weeks.
Meanwhile, a divided U.S. Federal Reserve reduced its benchmark interest rate by a quarter of a percentage point, as expected, which could help lift oil demand by boosting economic growth.
Fed Chair Powell declined to say whether there would be another rate cut in the near future, but said the U.S. central bank is well positioned to respond to what lies ahead for the economy.
Oil prices had declined nearly 1% earlier in Wednesday's trading session after U.S. government data showed the country's crude oil inventories fell by 1.8 million barrels in the week ended December 5, which was smaller than analysts' average expectation of a draw of 2.3 million barrels in a Reuters poll. [EIA/S]
(Reporting by Shariq Khan, Shadia Nasralla and Robert Harvey; Additional reporting by Emily Chow; Editing by David Goodman, Mark Potter, David Gregorio and Paul Simao)
Brent crude is a major trading classification of crude oil originating from the North Sea. It serves as a benchmark for oil prices globally and is used to price two-thirds of the world's crude oil.
West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. It is sourced from the U.S. and is known for its light and sweet characteristics, making it ideal for refining.
Crude oil inventories refer to the stockpiles of crude oil held by a country or organization. They are important indicators of supply and demand in the oil market and can influence oil prices.
The U.S. Federal Reserve, often referred to as the Fed, is the central banking system of the United States. It regulates the U.S. monetary and financial system and is responsible for setting interest rates.
An oil tanker is a ship designed for the bulk transport of oil. These vessels are crucial for the global oil trade, transporting crude oil from extraction sites to refineries.
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