Crude oil prices are heading this week to record the largest weekly increase since last October, as U.S. pressure on Venezuela increases. Spot prices for both the benchmark Brent crude and West Texas Intermediate crude rose by two dollars each.
Military strikes carried out by the United States on sites belonging to the Islamic State (ISIS) in Nigeria also contributed to the rise in oil prices during trading for the week ending yesterday, Saturday. Benchmark Brent crude prices reached $62.41, while West Texas Intermediate crude reached $58.54.
Growing tensions in Venezuela
At the same time, the United States announced a partial blockade on the passage of oil tankers from Venezuela. Coast Guard forces are also pursuing an oil tanker that deviated from its course heading to Venezuela last weekend.
According to sources, Coast Guard forces are awaiting reinforcements to be able to seize the “Bella 1” tanker, which is carrying huge quantities of crude and was on its way to Venezuela to load oil.
U.S. officials clarified that the “Bella 1” tanker was not flying a valid national flag. The tanker is subject to sanctions due to potential links between its owner and the Iranian government.
However, it was reported last weekend that at least half a dozen sanctioned oil tankers have been transporting crude from Venezuela since December 11th, when the United States escalated pressure on Venezuelan exports.
An analyst from a data company said: “Supply-side disruptions have become the main driver of oil prices, despite continued oil shipments from Venezuela, and the fact that the U.S. strike on the Islamic State (ISIS) was not in an oil-producing region of Nigeria.”
United States
The United States is a federal republic founded in 1776 following its declaration of independence from Great Britain, establishing itself through a revolutionary war and the subsequent adoption of its Constitution in 1787. Its history is marked by westward expansion, industrial growth, and significant roles in 20th-century global conflicts, evolving into a nation defined by its diverse population and cultural influence.
Venezuela
Venezuela is a South American country with a rich history, originally inhabited by indigenous peoples before Spanish colonization in the 16th century. It gained independence in the early 19th century, led by Simón Bolívar, and later developed a modern economy heavily based on its vast petroleum reserves. Its cultural heritage is a blend of indigenous, African, and Spanish influences, evident in its music, art, and festivals.
Nigeria
Nigeria is a country in West Africa with a rich history shaped by ancient kingdoms like the Nok, Benin, and Oyo, as well as its colonial period under British rule before gaining independence in 1960. It is Africa’s most populous nation and is renowned for its diverse cultures, vibrant music and film industries, and significant natural resources, particularly oil.
Iran
Iran, historically known as Persia, is home to one of the world’s oldest continuous civilizations, with a rich history of empires dating back thousands of years. Its cultural landscape is marked by significant sites like Persepolis, the ancient ceremonial capital of the Achaemenid Empire, and the stunning Islamic architecture of Isfahan’s Naqsh-e Jahan Square. Today, Iran is a major cultural and political center in the Middle East, blending its deep historical heritage with its modern identity as an Islamic republic.
Bella 1
“Bella 1” is not a widely recognized or documented cultural site or place, so no specific historical or descriptive summary can be provided. It may refer to a local or lesser-known location.
Islamic State (ISIS)
The Islamic State (ISIS) is a militant jihadist group founded in the late 1990s, which gained global notoriety after 2014 for seizing large territories in Iraq and Syria and establishing a self-declared caliphate. Its ideology is rooted in a violent, extremist interpretation of Sunni Islam, and it has been responsible for widespread atrocities, terrorism, and cultural destruction. Although largely territorially defeated by 2019, the group continues to operate as a decentralized insurgency in various regions.
Coast Guard
The United States Coast Guard is a maritime military service and federal law enforcement agency founded in 1790 as the Revenue Marine. Its primary missions have historically included enforcing tariff laws (as the Revenue Cutter Service), lifesaving, and maritime safety, and it was later formed into its modern identity in 1915. Today, it operates under the Department of Homeland Security during peacetime but can be transferred to the Department of the Navy.
Brent crude
Brent crude is a major trading classification of sweet light crude oil that serves as a key global price benchmark. It originates from the Brent oil field in the North Sea, which began production in 1976. The name “Brent” is derived from the naming policy of Shell UK Exploration and Production, which originally named its oil fields after birds (in this case, the Brent goose).
West Texas Intermediate crude
West Texas Intermediate (WTI) crude is a major global benchmark for oil pricing, known for its high quality and low density. It originated from oil fields in Texas and the surrounding U.S. region, with its pricing hub historically located in Cushing, Oklahoma.
