Daily Briefing: The Venezuelan oil gamble

Good morning, Silver prices are soaring and showing no signs of slowing down. After surging more than 160% in 2025, prices jumped another 7% in just the first week of 2026. Gold, too, has been shining brightly, as households and central banks fall back on traditional safe havens amid shaky investor confidence and global trade tensions. But silver’s rally has a story of its own. Unlike gold, silver is a key component in manufacturing — from batteries to solar panels. The rise of artificial intelligence has further boosted demand, as silver is increasingly used in smart grid infrastructure and data transmission technologies. But supply isn’t keeping up with this surging demand. My colleague Siddharth Upasani explains silver’s rise in detail.

The United States seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday as part of its effort to block sanctioned vessels and control the flow of oil from the South American country.

Seized: For the first time in years, the US military has seized a Russia-flagged vessel — the Marinera. According to the US, the Marinera and the other seized tanker, M Sophia, belong to a “shadow fleet” used to transport sanctioned oil from Venezuela and Iran.

Response: The US had been chasing the Marinera for a week across the Atlantic. It had refused to be boarded last month, before changing its flag to Russia’s. The tanker, reportedly empty, was also being escorted by a Russian submarine at the time of its seizure. The Russian Transport Ministry issued a statement, saying: “No state has the right to use force against ships properly registered in the jurisdictions of other states.” The development risks further confrontation between Washington and Moscow, which has condemned the US action in Venezuela and is facing Western sanctions over its war in Ukraine. Follow live updates here.

The gamble: The US is mulling taking control of Venezuela’s state-run oil company, PDVSA, according to an exclusive report by the Wall Street Journal. When the US captured the Venezuelan President, Nicolas Maduro, US President Donald Trump had stated that he intended to “fix” the broken oil industry in the country. The White House is currently meeting American oil executives to seek investments in Venezuela. However, it may be a hard sell. Anil Sasi explains why.

Alarm bells: As many as 2.89 crore electors were scratched off the draft electoral rolls in Uttar Pradesh as part of the Special Intensive Revision. This comprises over 18% of the electorate, sparking concerns in the state BJP over the large number of exclusions ahead of the Assembly elections next year. The top brass has asked state leaders to target adding 200 votes in each polling booth before the final electoral roll is finalised. Lalmani Verma reports.

🎧 For the latest updates on the SIR exercise, tune in to today’s ‘3 Things’ podcast episode.

‘No point’: Trump’s recent remarks have caused a sense of disquiet in New Delhi, which has chosen not to respond for the time being. Trump claimed, “PM Modi came to see me, ‘Sir, may I see you please’. Yes.” He added that India had ordered 68 Apache helicopters from the US that were delayed — a claim countered by New Delhi. Meanwhile, sources told The Indian Express that the diplomatic establishment has counselled against any sharp response to the US, calling for restraint.

Frenemies? Can the BJP tie up with the Congress — or the AIMIM? “Not acceptable,” said Maharashtra Chief Minister Devendra Fadnavis as he directed his party, the BJP, to break off alliances that local units had formed with the Congress (in Thane’s Ambernath) and the AIMIM (in Akola’s Akot). The units tied up to form a majority in the two local bodies, following last month’s elections.

Denied: The National Medical Commission has withdrawn permission to run an MBBS course at the Shri Mata Vaishno Devi Institute of Medical Excellence (SMVDIME) after it gave the green signal just four months ago. Officials from the institute and central health bodies say the decision appeared to be made without “due process”.

Tragic: “I never thought that caste could make a father kill his own daughter.”

These were the words of Viveknanda Dhoddamani, a 22-year-old Dalit youth, whose pregnant wife, 20-year-old Manya, was allegedly killed by her family a fortnight ago. The family members are now in jail, the chief minister has promised a speedy trial, while the district to which they belong is under a security clampdown. Read all about the case that has sent shockwaves across Karnataka.

At a loss: Shimla, a bustling hill city and a tourism hotspot, is struggling with congestion. The administration has planned a satellite township, Jathiya Devi, next to it to ease the burden and spread the urban growth to the surrounding rural areas. As part of this Rs 1,374-crore plan, the Himachal Pradesh Housing and Urban Development Authority aims to acquire nine villages. However, this has sparked concerns among residents of losing their land, history and belongingness.

Let’em play: In his weekly column, MP Shashi Tharoor reflects on the controversy over the removal of Bangladeshi player Mustafizur Rahman from the IPL franchise KKR. “Bangladesh is not Pakistan… Furthermore, there is a moral question at stake. Why must sports and cricket alone bear the burden of social media outrage?” Read on.

The Indian men’s football is a mess. Players waited for months for the domestic season, and when it was finally announced that the Indian Super League would kick off on February 14, there was more anxiety than relief. Multiple clubs have asked players to take salary cuts as the season has been truncated. Moreover, not a single bid came their way when the All India Football Federation (AIFF) floated a tender for a commercial rights partner. Mihir Vasavda reports.

That’s all for today, folks! Until tomorrow, Sonal Gupta Business As Usual by EP Unny