He further boasted of the country having been "completely surrounded" with the "largest Armada ever assembled in the History of South America."

"For the theft of our Assets, and many other reasons, including Terrorism, Drug Smuggling, and Human Trafficking, the Venezuelan Regime has been designated a FOREIGN TERRORIST ORGANIZATION. Therefore, today, I am ordering A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of, Venezuela," Trump said. 

He then warned, "It [the blockade] will only get bigger, and the shock to them will be like nothing they have ever seen before — Until such time as they return to the United States of America all of the Oil, Land, and other Assets that they previously stole from us." Minutes after the announcement:

WTI OIL UP AS MUCH AS 1.6% AS TRUMP RAISES VENEZUELA PRESSURE

This is expected to impact some 800,000-9000,0000 barrels of oil per day, which is forecast to increase prices by some $2-$3 in the short term.

Some initial Congressional reaction and fierce pushback as Washington is on a war-footing: