The U.S. naval blockade of Venezuela has cost $700 million already—and is rising by $9 million daily

The ongoing U.S. naval blockade of Venezuelan has cost an estimated $700 million and counting with two more oil tankers seized Jan. 7, as President Donald Trump aims to sell more Venezuelan crude oil to American refineries and convince U.S. oil companies to return to embattled nation.

Operating the USS Gerald R. Ford and its aircraft carrier strike group costs more than $9 million per day—adjusted for inflation—since being ordered to Latin American waters in October, according to a prior...