Over the past week, President Trump has intensified pressure on Venezuelan president Nicolás Maduro by targeting the regime's economic lifeline—oil. The United States has seized two oil tankers and is in pursuit of another, following President Trump's declaration of what he called a "total and complete blockade" of vessels carrying Venezuelan crude subject to US sanctions.

The move places one of Venezuela's most valuable and strategic assets squarely at the center of the conflict. The country holds an estimated 17 percent of the world's oil reserves and produces nearly one million barrels per day, nearly all of which is exported. Targeting these exports and the use of a naval blockade carries serious implications, raising questions about the potential for further escalation.

How is the standoff between Washington and Caracas evolving? What diplomatic or economic off-ramps—if any—remain? And what does all of this mean for global energy markets already navigating a fragile balance of supply, sanctions, and geopolitical risk?

This week, Jason Bordoff speaks with Luisa Palacios and Eddie Fishman about the Trump administration's strategy in the region.

Luisa leads the research team and is a scholar at the Center on Global Energy Policy. Previously, she served as chairwoman of CITGO Petroleum Corporation, the US refining arm of Venezuela's state-owned oil company, PDVSA.

Eddie is a senior research scholar at the Center on Global Energy Policy. He is the author of the bestselling book Chokepoints: American Power in the Era of Economic Warfare, which was named a finalist for the Financial Times Business Book of the Year.

Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, and Kyu Lee. Engineering by Gregory Vilfranc.