U.S. crude oil futures jumped more than 1% on Wednesday after U.S. President Donald Trump ordered "a total and complete" blockade against all sanctioned tankers that enter or leave Venezuela.

U.S. Crude Futures rose 1.3% or 72 cents to $55.99 as of 0022 GMT.

The oil?prices fell to their lowest levels in five years in the previous session, which was a result of progress made in Russia-Ukraine talks. A?deal could see western sanctions on Moscow lowered, thus releasing supply in a period when global demand is fragile.

Trump ordered on Tuesday a blockade against all sanctioned oil tanks entering and leaving Venezuela. He added that he now views the nation's leaders?as an international terrorist organization.

Trump's remarks came just a week after the U.S. seize a sanctioned tanker off the coast of Venezuela, intensifying a campaign to put pressure on the Venezuelan government, led by Nicolas Maduro. Trump has accused Maduro of being responsible for the drug trafficking into the U.S.

(source: Reuters)