Brent crude oil futures rose to around $59.5 per barrel on Wednesday, recovering slightly from near a five-year low after President Donald Trump ordered a “total and complete” blockade of sanctioned oil tankers linked to Venezuela. The move follows last week’s seizure of blacklisted oil tankers off Venezuela’s coast and a buildup of US military presence in the region. However, gains were limited, as prices remained under pressure after progress toward a Russia–Ukraine peace agreement raised the prospect of easing restrictions on Russian oil flows at a time when markets are bracing for oversupply. Oil prices have struggled this year on ample supply, as OPEC+ steadily restores shut-in capacity and non-OPEC producers ramp up output. Meanwhile, early signs of demand weakness are emerging across China, the Middle East, and the US. Oil remains on track for its worst annual performance in seven years.