Brent crude oil futures rose more than 2% to above $60 per barrel on Wednesday, recovering from near a five-year low in the previous session 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. Still, broader downward pressures, including soft demand and positive news on Ukraine peace talks, may restrain any rally. 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.