Brent Hits Two-Week High

2025-12-24 01:34 By Kyrie Dichosa 1 min. read

Brent crude oil futures rose to around $62.5 per barrel on Wednesday, advancing for the sixth straight session and hitting a two-week high, supported by escalating geopolitical tensions.

The US continues efforts to intercept another oil tanker near Venezuela as Washington intensifies pressure on President Nicolás Maduro’s administration.

Although Venezuelan crude exports account for a small share of global supply, they remain a vital source of revenue for the government.

Hostilities between Ukraine and Russia have again targeted energy-related assets, with a recent strike damaging port infrastructure and nearby vessels along the Black Sea, sparking a fire in a coastal settlement on a key route for Russian energy exports.

Meanwhile, API data showed that crude inventories rose by 2.4 million barrels last week, with gasoline and distillate stocks also increasing.

Oil is on track for an annual loss of more than 18%, as supply is expected to outpace demand heading into next year.



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