Global oil prices climbed by more than one percent after US President Donald Trump ordered a complete blockade of sanctioned oil tankers entering and leaving Venezuela, injecting fresh volatility into energy markets already grappling with geopolitical uncertainty.
The announcement came a day after Trump said Washington would treat Venezuela’s leadership as a foreign terrorist organisation, sharply escalating rhetoric and policy towards the South American oil producer.
The move reversed a period of relative calm in oil markets. Prices had recently hovered near five-year lows, driven in part by optimism that Russia–Ukraine peace talks could eventually lead to an easing of Western sanctions on Moscow, potentially releasing more oil supply onto global markets.
Trump’s decision, however, has reminded traders just how quickly geopolitical risk can return to the price equation.
Venezuela Back in the Spotlight
Venezuela holds some of the world’s largest proven oil reserves, but years of sanctions and economic collapse have sharply curtailed its output and exports. A full blockade of tanker traffic further tightens supply expectations, even if Venezuelan crude is already constrained by sanctions.
Analysts note that while the immediate price jump was modest, the signal sent by Washington carries broader implications. Markets tend to price in not just barrels lost today, but the risk of escalation tomorrow.
Political Turbulence in Washington
The energy shock coincides with growing political turbulence inside the Trump administration. In a series of interviews with Vanity Fair, Trump’s chief of staff, Susie Wiles, offered unusually candid — and at times unflattering — assessments of the president’s leadership style.
Wiles described Trump as having what she called “an alcoholic’s personality” and acknowledged that there “may be an element of” political retribution in his numerous prosecutions of opponents. She said she attempted, unsuccessfully, to persuade Trump to end what she described as “score-settling” within the first 90 days of his second term.
According to Wiles, Trump governs with the belief that there is “nothing he can’t do”, a mindset that critics argue has contributed to erratic policymaking and strained alliances.
Approval Ratings Show Cracks
Signs of political strain are also emerging in public opinion. A recent poll by NBC News and SurveyMonkey shows Trump’s approval rating edging lower, including within his traditional base.
Support among Republicans slipped from 38 percent to 35 percent since April, while strong backing from his “Make America Great Again” supporters dropped from 78 percent to 70 percent. Concerns over the economy, inflation, and Trump’s handling of the Jeffrey Epstein controversy have weighed on sentiment across the electorate.
What is notable is not just broad dissatisfaction, but the appearance of fractures within groups that have historically been most loyal to the president.
Epstein Fallout Adds to Controversy
Adding to the political noise, Democrats on the House Oversight Committee released a set of photographs linked to Jeffrey Epstein’s estate. Among them is an image showing a bowl of novelty condoms featuring a caricature of Trump’s face with the words “I’m HUUUUGE!”, alongside a sign advertising them at about R83.
Another photograph shows Trump posing with six women wearing leis. The collection of 19 images also includes figures previously linked to Epstein, such as former US president Bill Clinton, Steve Bannon, Bill Gates and Richard Branson.
While the images do not establish wrongdoing, they have reignited debate around Trump’s past associations and further complicated an already difficult political landscape.
Markets Watch What Comes Next
For oil markets, the immediate focus remains on supply risks and geopolitical signals. Trump’s blockade of Venezuelan tankers underscores how political decisions in Washington can rapidly ripple through global commodity markets.
For investors and consumers alike, the message is familiar but unwelcome: energy prices remain hostage to politics, and stability can disappear almost overnight.
As domestic controversy deepens and foreign policy hardens, markets will be watching closely to see whether this latest surge is a brief spike — or the beginning of another volatile chapter in global energy pricing.
