Oil prices fell on Tuesday, after strong gains of more than 2% in the previous session, as markets awaited news on the fate of Venezuelan oil shipments seized by the United States, along with escalating supply concerns resulting from the tit-for-tat attacks between Russia and Ukraine in the Black Sea.
Brent crude futures fell 0.2% to $61.92 a barrel , while U.S. West Texas Intermediate crude fell by the same percentage to $57.88 a barrel .
Both crude oil benchmarks ended yesterday's session with strong gains, with Brent crude recording its best daily performance in nearly two months, while West Texas Intermediate crude achieved its biggest daily gain since mid-November, supported by escalating geopolitical tensions and concerns about supply disruptions.
In the context of US pressure on Venezuela, US President Donald Trump announced that the United States may sell the oil shipments that were seized off the Venezuelan coast in recent weeks, or keep them for use in replenishing the strategic reserve, noting that this option is still under consideration.
For its part, Barclays Bank explained in a recent research note that oil markets will remain adequately supplied during the first half of 2026, even if Venezuelan oil exports cease completely in the near term, but it warned of a shrinking global supply surplus later on.
At the same time, the mutual attacks between Russia and Ukraine on vital facilities and ports in the Black Sea have contributed to increased concerns, especially since the region is a major corridor for energy exports, adding a new element of uncertainty to the movement of oil prices in the coming period.
#Oil_Prices
#Brent_Crude
#West_Texas
#Venezuelan_oil
#Energy_Markets
#GlobalEconomy
#Oil_Analysis