Oil prices surged over 1% on Monday as traders reacted to the sudden capture of Venezuelan President Nicolas Maduro by US forces—raising fresh questions about crude supplies from the country with the world’s largest oil reserves.
Brent crude futures jumped 96 cents, or 1.58%, to reach $61.71 a barrel by early afternoon in New York. Meanwhile, US WTI crude climbed 95 cents, or 1.66%, hitting $58.27. Both benchmarks had soared more than a dollar late Monday morning, after initially dipping earlier in the day during a volatile trading session. Investors scrambled to make sense of the news that Washington now controls Venezuela, a key OPEC member whose oil exports have long been under strict US embargo.
In a surprising twist, sources from the oil industry revealed that the Trump administration hadn’t reached out to major oil giants Exxon Mobil, ConocoPhillips, or Chevron Corp for any discussions about Venezuela before or after President Maduro’s capture. Four top industry executives confirmed that oil companies were left out of the loop as US forces moved in.
