Oil Heads For Weekly Gain On Venezuela Blockade, Nigeria Strikes

Oil headed for the biggest weekly gain since late October, as traders tracked a partial US blockade of crude shipments from Venezuela and a military strike by Washington against a terrorist group in Nigeria.

US benchmark West Texas Intermediate was steady above $58 a barrel, more than 3% higher this week, the most since the period to Oct. 24. A sanctioned tanker pursued by US forces turned away from the South American nation, as the Trump administration continued to pile pressure on Caracas.

The White House has ordered commanders to concentrate for the next two months on quarantining Venezuelan oil, according to a person familiar with the matter. The person, who requested anonymity, said US forces were focused almost exclusively on the economic blockade, rather than military options.

In Africa, President Donald Trump said the US launched a “powerful and deadly strike against ISIS terrorist” in Northwest Nigeria, according to a social-media post. The country, an OPEC member, produced about 1.5 million barrels a day in November, according to data from the cartel.

In Europe, meanwhile, Ukraine’s president, Volodymyr Zelenskiy, said Thursday he had “a very good conversation” with US envoys Steve Witkoff and Jared Kushner, with an aim toward ending Russia’s war. Among military moves, Kyiv attacked the Novoshakhtinsk refinery in the southern Rostov region.