After US President Donald Trump ordered a “total and complete” blockade of all sanctioned tankers pétrole In and out of Venezuela, the prices of increased by more than 1% on Wednesday.

The price of Brent crude oil was up 87% cents, or 1.5%, to $59.79 per barrel at 7:30am GMT, while the price of American crude oil (West Texas Intermediate) rose by 85 cents, or 1.5 %, to $56.12 per barrel.

Oil prices have stabilized near their lowest levels in five years at the previous session, thanks to progress carried out in the peace talks between Russia and Ukraine. An agreement could allow for an easing of Western sanctions against Moscow, thus freeing up supply even when the market is facing demand fragile world.