Overview
- Brent rose to about $64.15 and WTI to $59.78 early Tuesday, extending last week’s rally to the highest levels since early December.
- Protests in Iran have raised disruption fears, with ANZ estimating up to 1.9 million barrels per day of exports at risk and Barclays pegging a $3–$4 per barrel risk premium.
- President Donald Trump is set to meet advisers Tuesday on Iran after warning of possible action and telling countries that do business with Tehran they face a 25% tariff on dealings with the United States.
- Washington says it will control roughly 50 million barrels of Venezuelan stocks as trading houses race to secure tankers, with Trafigura expecting its first loading within a week despite dilapidated ports.
- Goldman Sachs maintained 2026 averages of $56 for Brent and $52 for WTI on a projected 2.3 mb/d surplus, aligning with IEA views of an even larger glut that could cap rallies unless a major, sustained disruption occurs.