US President Donald Trump ordered a blockade of all sanctioned oil tankers entering and leaving Venezuela. The move aims to pressure the Venezuelan government and its main source of income. Venezuela rejected Trump’s announcement, calling it an “extraordinary threat.”
Oil prices rose following the blockade announcement. Market participants expect prices to increase, anticipating a possible drop in Venezuelan oil exports.
Trump declared Venezuela a “foreign terrorist organization,” citing reasons including property theft, drug smuggling, and human trafficking. Additionally, the US sent thousands of troops and several warships, including an aircraft carrier, to the region.
Experts say the blockade could have a serious impact on the global oil market and Venezuela’s economy. If Venezuelan oil exports are not replaced by other sources, prices could rise, inflation could increase, and large numbers of refugees could move to neighboring countries.
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