America News Agency

West Texas Intermediate (WTI) crude futures also rose to $58.6 per barrel, continuing their rise for the sixth consecutive session and reaching a two-week high, supported by escalating geopolitical tensions.

US President Donald Trump has intensified pressure on Venezuelan President Nicolás Maduro’s government, while the US continues its efforts to intercept another oil tanker near Venezuela. Although Venezuela’s oil exports account for a small portion of global supply, they remain a vital source of income for the government.

Clashes between Ukraine and Russia again targeted energy-related assets. In the latest attack, Black Sea port infrastructure and nearby ships were damaged, and a fire broke out in a coastal settlement on a key route for Russian energy exports.

Meanwhile, API data showed that oil stocks rose by 2.4 million barrels last week, while gasoline and distillate stocks also increased. Analysts expect oil supply to exceed demand next year and forecast an over 18% loss on an annual basis.