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22.12.202501:27:38UTC+00Oil Gains Amid Rising Geopolitical Tensions

On Monday, the WTI crude oil futures increased to $56.9 per barrel, building on the gains observed last Friday. The escalation in geopolitical tensions has heightened concerns over possible supply interruptions. Reports indicate that the United States is targeting another vessel near Venezuelan waters, further intensifying President Trump's blockade of the nation. This month, Washington has already seized two oil tankers, the most recent one being on Saturday, as part of a significant US military presence in the area. Additionally, Ukraine made its first strike on a Russian tanker in the Mediterranean Sea, following previous attacks on Lukoil installations in the Caspian Sea. These developments occur alongside ongoing diplomatic efforts aimed at resolving the conflict between Ukraine and Russia. Despite describing their discussions in Miami on Sunday as "productive and constructive," US and Ukrainian officials did not announce any significant progress. While these geopolitical elements continue to support oil prices, the market anticipates an annual decline in crude, influenced by forecasts of abundant oversupply.

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