US Pursues Third Oil Tanker Near Venezuela as Blockade Intensifies

The US was in hot pursuit of a third oil tanker off the coast of Venezuela over the weekend, intensifying a campaign to cut off a vital economic lifeline for the country and isolate the government of President Nicolás Maduro.

The Coast Guard chased after the US-sanctioned Bella 1 on Sunday as it was en route to Venezuela. It boarded Centuries on Saturday — the first non-sanctioned vessel to be targeted. A Chinese company holds title to the oil in the supertanker, according to people familiar with the matter. Another very large crude carrier, the Skipper, was intercepted on Dec. 10.

The moves on three separate vessels represent the most concerted attempt to date to sever the financial links sustaining a government that Washington says is led by a drug-trafficking cartel. Oil prices advanced in Asia on Monday, with Brent crude climbing above $61 a barrel.

Even though Washington’s campaign has caught traders’ attention, Venezuela’s exports have dwindled over the years and now account for less than 1% of global demand. The market is also well supplied, and China has multiple alternative options.