Int'l oil prices surge following US blockade of sanctioned oil tankers leaving, entering Venezuela

The international oil prices surged on Wednesday after U.S. President Donald Trump ordered a blockade of all sanctioned oil tankers entering and leaving Venezuela.

The announcement further raised geopolitical tensions in the Caribbean region, triggering worries among investors.

"Today, I am ordering a total and complete blockade of all sanctioned oil tankers going into, and out of, Venezuela," Trump said in a post on his social media Truth Social on Tuesday.

Claiming that the United States "will not allow a hostile regime to take our oil, land, or any other assets," Trump demanded that Venezuela return to the United States all assets he said "that they previously stole from us."

The West Texas Intermediate for January delivery increased by 67 cents, or 1.21 percent, to settle at 55.94 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery went up 76 cents, or 1.29 percent, to settle at 59.68 dollars a barrel on the London ICE Futures Exchange.

The two benchmarks briefly surged nearly two percent during the trading session, with the West Texas Intermediate climbing by 1.8 percent to reach 56.24 U.S. dollars a barrel and the Brent crude rising by 1.7 percent to reach 59.91 a barrel as of 13:02 London time.

Int'l oil prices surge following US blockade of sanctioned oil tankers leaving, entering Venezuela

China on Thursday launched island-wide special customs operations in the Hainan Free Trade Port (FTP), the world's largest FTP by area, allowing freer entry of overseas goods, expanded zero-tariff coverage and more business-friendly measures.

A series of policy and regulatory documents related to special customs operations are being implemented at the same time in accordance with their respective provisions, including the list of goods subject to import tariffs, tax policies for the circulation of goods, lists of goods and items that are prohibited or restricted from import and export, the duty-free policy for domestic sales of processed value-added products, and customs supervision measures.

The move is widely seen as a landmark step in China's ongoing efforts to promote free trade and expand high-standard opening-up at a time of rising protectionism worldwide.

Under the new arrangements, the tropical island of more than 30,000 square km has been designated as a special customs supervision zone. This marks a new stage in the development of the Hainan FTP, which enables freer flows of goods, capital, personnel and data, supported by zero tariffs, low tax rates and a simplified tax system.

China launches island-wide special customs operations in Hainan FTP