Geopolitical Tensions Rise, Oil Prices Rise Dramatically!
Oil prices rose on Friday (December 26th), with Brent trading at $62.30 per barrel and WTI at $58.39 per barrel. This increase was driven by escalating geopolitical tensions, including the US blockade of crude oil shipments from Venezuela and the US military offensive against the Islamic State group in Nigeria. The attack came after President Donald Trump condemned the persecution of Christians by militants in Nigeria, further escalating tensions in the global oil market.
Additionally, there was positive news from Ukraine, where President Volodymyr Zelenskiy revealed that he had had a very good conversation with US envoys Steve Witkoff and Jared Kushner regarding efforts to end the Russian invasion. These tensions also affected market sentiment, with investors monitoring any developments related to the conflict and the uncertainty.
Meanwhile, an oil export agreement from Kurdistan will be extended until March 31st, and Russian oil production is expected to increase by around 2% in 2026, according to a statement from the Russian Deputy Prime Minister. This news adds to the complexity of the global oil supply situation, with Ukrainian drones attacking Russia's largest gas processing plant in Orenburg, adding to tensions and uncertainty that are pushing oil prices higher. (az)
Source: Newsmaker.id