US President Donald Trump has announced a blockade of "sanctioned oil vessels" heading to and leaving Venezuela.

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

In a statement, Venezuela's government said it rejected Trump's "grotesque threat".

In a post on social media Tuesday night announcing the blockade, Trump alleged Venezuela was using oil to fund drug trafficking and other crimes.

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.”

Asian shares advanced on Wednesday as strong buying of technology shares helped lift some benchmarks, while oil prices surged more than 1% after President Donald Trump ordered a blockade of all “sanctioned oil tankers” into Venezuela. Trump's move followed the seizure by U.S. forces last week of an oil tanker off Venezuela’s coast, an…

Washington: US President Donald Trump on Tuesday announced a "total and complete blockade" of all sanctioned oil tankers entering or leaving Venezuela,

Trump orders complete blockade of Venezuelan oil tankers, calling nation's assets "stolen" as U.S. naval forces surround the country in escalating tensions.