President Donald Trump is demanding Venezuela pay for assets that Trump says were stolen from U.S. companies when the South American country nationalized its oil industry years ago.

Oil shipments unaffected, state producer says, after Trump escalates standoff.

Trump demands Venezuela return seized U.S. oil assets, justifying a blockade amid ongoing tensions over drug trafficking and nationalization.

Some oil vessels are diverting away from Venezuela after U.S. President Donald Trump threatened a “blockade” of sanctioned oil tankers entering or leaving the South American country.

Trump said the decisions are based on allegations including “the theft of our Assets and many other reasons, including Terrorism, Drug Smuggling, and Human Trafficking.”

WASHINGTON - As President Donald Trump ramps up pressure on Venezuelan President Nicolás Maduro, the United States is targeting oil tankers operating under U.S. sanctions and bound for or departing Venezuela, with the announcement of a “total and complete blockade” of such vessels. The move follows the seizure of a Venezuelan oil tanker last week — steps expected to grind Venezuelan oil exports to a near halt. Complete blockades are illegal under international law. However, as described by Trump, the “blockade” on Venezuela applies to only vessels under sanctions, meaning it is not a complete blockade. While Venezuela has been subject to punishing U.S. sanctions since Trump’s first term, Maduro has managed to continue to sell oil, maintaining a critical economic lifeline. Often using vessels under sanctions, Maduro has sold oil to countries such as China that don’t mind running afoul of U.S. financial institutions. And in other cases, Maduro has used what are known as shadow fleet vessels — also often sanctioned…