17.12.202511:02:43UTC+00Brent Oil Rises More Than 2%

Brent crude oil futures surged by over 2% on Wednesday, reaching above $60 per barrel. This rebound follows a dip to nearly a five-year low the previous day, driven by President Donald Trump's directive for a "total and complete" blockade of sanctioned oil tankers associated with Venezuela. This development comes in the wake of last week's seizure of blacklisted oil tankers near Venezuela's coast and an increased U.S. military presence in the region. However, broader factors such as subdued demand and promising developments in Ukraine peace negotiations could temper any potential price rally. Advancements towards a Russia–Ukraine peace accord have heightened the possibility of relaxed restrictions on Russian oil exports just as the market anticipates an oversupply. Throughout this year, oil prices have been challenged by abundant supply, with OPEC+ methodically reinstating previously curtailed capacity and non-OPEC producers boosting output. Additionally, preliminary signs of waning demand are surfacing in China, the Middle East, and the United States. Consequently, oil is on course for its poorest annual performance in seven years.