WTI Oil Moves Toward Sixty Dollars Following US Intervention in Venezuela

The Venezuela Embargo and Blackout

While PDVSA's refining operations are reportedly normal, the U.S. military-induced blackout in Caracas and damage to the port of La Guaira have created logistical uncertainty. Trump has confirmed that the U.S. oil embargo on Venezuela will remain until infrastructure is modernized by American firms.

2026 Surplus Warning

Despite the current geopolitical spike, the IEA continues to warn of a massive 3.8 million barrel per day surplus expected later in 2026. This long-term glut is expected to cap any rallies, as non-OPEC production from the U.S. and Guyana remains at record levels.