Oil prices have spiked after US President Donald Trump announced a “full and complete” blockade on all sanctioned oil tankers entering and leaving Venezuela. President Nicolas Maduro has condemned the blockade calling it a “grotesque threat” and has accused Washington of trying to take over his country's resources. Venezuela's struggling economy depends on its oil exports. The country is home to the world's largest proven oil reserves. The US is the second-largest buyer of Venezuelan crude oil after China. President Nicolas Maduro says he won't let the US take what belongs to Venezuela. Meanwhile, the United Nations is calling for restraint and urging the US and Venezuela to seek a diplomatic solution to the dispute. Francisco Rodriguez is a senior fellow at the Center for Economic and Policy Research. He was also the head of the Economic and Financial Advisory of the Venezuelan National Assembly. He says Trump's blockade will further stifle Venezuela's economy. Subscribe to our channel: http://bit.ly/AJSubscribe Follow us on X: https://twitter.com/AJEnglish Find us on Facebook: https://www.facebook.com/aljazeera Check our website: http://www.aljazeera.com/ Check out our Instagram page: https://www.instagram.com/aljazeeraenglish/ Download AJE Mobile App: https://aje.io/AJEMobile #Venezuela #NicolasMaduro #US #UnitedStates #DonaldTrump #ColonialistThreat #VenezuelaSovereignty #USColonialism #VenezuelanOil #AlJazeeraEnglish