Venezuela Denounces ‘Warmongering Threats’ as Trump Implements Oil Blockade – Live Coverage of U.S. Politics | Trump Administration
Venezuela Condemns ‘Warmongering Threats’ as Trump Orders Oil Blockade
In a recent announcement on Truth Social, former President Donald Trump did not clarify how a blockade on sanctioned oil tankers would be executed or whether he would authorize the Coast Guard to seize vessels, as he did the previous week. In recent weeks, his administration has positioned thousands of troops and nearly a dozen warships, including the world’s largest aircraft carrier, in waters north of Venezuela. This military buildup appears targeted at further tightening economic pressure on Nicolás Maduro’s government, which heavily relies on oil exports as a primary source of income.
The Venezuelan government has issued a statement asserting its sovereignty over natural resources and its right to navigate and trade freely in the Caribbean Sea, despite what they describe as “warmongering threats” from the U.S. The statement condemned Trump’s “irrational military blockade” as a “grotesque threat” aimed at appropriating the nation’s wealth.
Implications for Democracy in America
The focus now shifts to the U.S. political arena, where the Republican-controlled House of Representatives may express its stance on Trump’s actions towards Venezuela. Later today, lawmakers will vote on a war powers resolution proposed by Democrat James McGovern, which would require the president to withdraw military forces from the region. This resolution has attracted significant bipartisan interest, with support from three Republican co-sponsors: Don Bacon, Thomas Massie, and Marjorie Taylor Greene, all of whom have had tense relations with Trump.
The outcome of the vote may indicate if there’s any growing dissent within the GOP regarding Trump’s aggressive foreign policy approach.
Market Reactions and Foreign Affairs
The financial markets are keenly attuned to how Trump’s blockade could affect oil supplies. Following the announcement, U.S. crude prices surged by over 2%. Brent crude increased by $1.41, or 2.4%, while West Texas Intermediate rose by $1.42, equating to a 2.6% uptick per barrel. This rise in oil prices contrasts with near five-year lows caused by developments in peace talks in Ukraine. The recent threats to Venezuelan oil supplies have reintroduced volatility into the market.
Muyu Xu, a senior oil analyst at Kpler, noted that while Venezuelan oil production constitutes approximately 1% of global output, its supply chain is concentrated among a limited number of buyers, primarily in China, the U.S., and Cuba.
Domestic Political Ramifications
In a related development, a U.S. attorney connected to Trump’s faction is escalating an investigation into former FBI and intelligence officials for their roles in the inquiries related to Russia’s interference in the 2016 election. This inquiry, described by some as a “fishing expedition,” has issued multiple subpoenas, following recent court rejections of former officials charged by the Justice Department. Led by Jason Reding Quiñones, this investigation is reportedly targeting individuals previously exonerated by thorough investigations.
