Russia and China are pushing back after U.S. President Donald Trump ordered a blockade on sanctioned oil tankers entering and leaving Venezuela. Moscow is warning of a dangerous escalation, urging restraint across Latin America and cautioning Washington against what it calls a potential “fatal mistake.

Oil prices settled marginally higher on Thursday as investors assessed the likelihood of further U.S. sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

“Your drug costs will be plummeting downward, and I use the threat of tariffs to get foreign countries who would never have done it to pay the cost of this giant dollar reduction,” Trump said in his W...