Oil prices rose for the second day in a row, with geopolitical risks ranging from Venezuela to Russia outweighing a still negative global supply outlook. West Texas Intermediate crude rose near $57 a barrel, after adding 1.2% on Wednesday, while Brent crude traded above $60. Washington this week imposed a blockade on approved oil tankers coming from Venezuela, at a time when US President Donald Trump accused Caracas of usurping US “energy rights”. The United States is also preparing to introduce a new round of sanctions against the Russian energy sector if President Vladimir Putin rejects a peace deal with Ukraine. Options being considered include increasing pressure on what is known as the “shadow fleet” of oil tankers and traders that facilitate export operations. Supply pressures and developments in Venezuela Oil is set to record an annual loss amid fears that global supply will exceed demand, after West Texas Intermediate crude hit its lowest level since 2021 earlier this week, before tensions gave prices some support. Market indicators from the Middle East to the United States showed increasing signs of weakness. Also read: What does Trump’s beating of the war drums mean for the oil sector in Venezuela? In Venezuela, oil storage facilities and tankers anchored in its ports are filling up quickly, according to people familiar with the situation. If the capacity reaches its maximum, the state-owned Petroleos de Venezuela company, whose production is approaching one million barrels a day, could be forced to close some wells. Speaking on state television, President Nicolas Maduro said he spoke with UN Secretary-General Antonio Guterres on Wednesday. He added: “The United States is seeking regime change to impose a puppet government that will not last 47 hours, surrender sovereignty and wealth, and turn Venezuela into a colony.” He continued, “It will never happen.”