Following the US's seizure of a sanctioned tanker off the coast of Venezuela, which discouraged further shipments from the South American producer and increased the possibility of a wider war, oil extended its gains.

Following the seizure, global benchmark Brent reversed its earlier fall to rise 0.4% on Wednesday, trading above $62 per barrel . The price of West Texas Intermediate was close to $59. In a major escalation of relations with Caracas, US military intercepted and boarded the massive crude transport; the Venezuelan government described the action as a "piracy."

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Venezuela has the biggest oil reserves in the world, and last month it exported almost 586,000 barrels per day. W

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