Oil Prices Steady as Geopolitical Tensions Support the Market

WTI crude oil futures hovered around $57.9 per barrel on Tuesday, pausing after four straight sessions of gains, as traders continued to weigh heightened geopolitical risks against longer-term supply concerns.

U.S. President Donald Trump stated on Monday that the United States is actively pursuing a third oil tanker off the coast of Venezuela and will retain both the oil and vessels seized in recent actions. Although Venezuelan crude exports represent less than 1% of global supply, they are a vital revenue source for the Maduro government, making any disruption politically and economically significant—even if the global supply impact remains limited.

In Europe, tensions remain elevated as Ukraine continues strikes on Russian energy infrastructure. The latest incident reportedly damaged two vessels and two piers, sparking a fire in a coastal village along the Black Sea, a crucial route for Russia’s energy exports.

While these geopolitical developments are lending short-term support to oil prices, crude markets are still on track for an annual decline, pressured by expectations of a growing global supply surplus that could outweigh demand in the months ahead.