Oil prices held steady on Tuesday after climbing more than 2 % in the previous session, a move that coincided with U.S. deliberations over the sale of seized Venezuelan crude. The United States has been intensifying pressure on Venezuela, including a blockade of oil tankers subject to sanctions. President Donald Trump indicated that the U.S. could either retain or sell the oil seized off Venezuela’s coast in recent weeks.
In the global market, Brent crude futures slipped 6 cents to $62.01 a barrel, while U.S. West Texas Intermediate (WTI) fell 9 cents to $57.92. The day before, Brent had posted its best daily gain in two months, and WTI recorded its largest rise since November 14. Additional market caution stemmed from Ukrainian attacks on Russian vessels and piers, which heightened concerns about potential supply disruptions.
Barclays analysts noted that even if Venezuelan oil exports were to drop to zero in the near term, the market would likely remain well supplied through the first half of 2026. However, the global oil surplus is projected to narrow to 700,000 barrels per day in the fourth quarter of 2026, making the market more vulnerable to prolonged disruptions.
Meanwhile, Russia and Ukraine have continued to strike each other’s facilities on the Black Sea, a crucial export corridor for both nations. Russian forces hit Ukraine’s Black Sea port of Odesa, damaging port infrastructure and a ship, while Ukraine targeted Russian maritime logistics, focusing on shadow‑fleet oil tankers attempting to evade sanctions.
The interplay of the Russia‑Ukraine conflict and the U.S. consideration of selling seized Venezuelan crude has created a complex and dynamic oil‑market landscape. As events unfold, market participants will be closely monitoring the impact on global oil supplies and prices, underscoring the need for ongoing analysis of potential supply disruptions and shifting market dynamics.
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