HOUSTON: Oil prices jumped on Monday following the US capture of Venezuela President Nicolas Maduro, as traders weighed potential disruptions to crude flows from the OPEC member with the world’s largest oil reserves.
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Brent crude futures rose 96 cents, or 1.58pc, to $61.71 a barrel, while US West Texas Intermediate crude gained 95 cents, or 1.66pc, to $58.27. Both benchmarks had earlier declined in a volatile session before rebounding on the news.
Reports indicated that about a dozen tankers loaded with Venezuelan crude and fuel had left the country’s waters in “dark mode” since the start of the year. Most were supertankers destined for China, and all were under US sanctions, highlighting ongoing tensions around Venezuela’s oil exports.
Meanwhile, Venezuelan government and PDVSA bonds surged, rising as much as 8.5 cents on the dollar, or around 20pc. Analysts said the seizure of Maduro raised hopes for a large and complex sovereign debt restructuring. Bonds, which defaulted in 2017, had already been among the world’s best performers in 2025.
In addition, Chevron is reportedly recalling employees to Venezuela as it seeks to resume crude exports to the US and normalize operations amid the shifting political and economic landscape.
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The events underscore how geopolitical developments in Venezuela continue to ripple through global oil markets and financial instruments.