Overview
- Crude extended Monday’s rally on Tuesday, with Brent around $62 and WTI near $58 as traders priced tanker disruptions alongside plentiful supply.
- President Donald Trump said the United States might keep or sell Venezuelan crude seized off its coast, after authorities took control of two tankers and pursued a third under an expanded blockade.
- Russia’s Urals crude fell to about $34 in the Baltic and $33 in the Black Sea, Argus reported, with average export-point discounts near $27 a barrel and Indian refiners set to take fewer barrels.
- Kpler estimates roughly 1.3 billion barrels of oil are currently on water, a supply cushion that has blunted price spikes, with analysts expecting well-supplied markets into early 2026.
- Ukraine-Russia strikes around the Black Sea damaged vessels and port facilities, and a Caspian Pipeline Consortium mooring remained shut, raising route risks even as the market stays buffered by surplus barrels.