Oil “Tug-of-War,” Venezuela Key
Oil prices fluctuated on Wednesday, with the market weighing the prospects for Venezuelan oil to remain flowing smoothly—especially to the US—amid signals that Washington wants to “let the oil flow” from the country. At the same time, sentiment was also influenced by news of the seizure of a Russian-flagged tanker in the North Atlantic, which added to geopolitical risks.
In recent trading, Brent held steady in the $60–$61/barrel range (seen around $60.81), after previously dropping to $59.88. Meanwhile, WTI hovered around $56/barrel (around $56.35–$56.46).
Initial pressure arose after Trump said Venezuela's interim authorities were ready to transfer 30–50 million barrels of “sanctioned” oil to the US. Reuters also reported comments by US Energy Secretary Chris Wright, who asserted that the government wants Venezuelan oil flowing again, with the revenues being deposited into a US-controlled account—a narrative the market interpreted as a potential supply increase amid concerns about oversupply in 2026.
Meanwhile, market attention briefly shifted to news of the US seizure of the tanker Marinera (formerly known as Bella 1) in the North Atlantic. This action emphasized that geopolitical factors can still emerge suddenly and trigger volatility, although so far the oil market has been predominantly driven by supply and demand issues.
With the combination of "Venezuelan supply flowing" signals and geopolitical headlines, oil prices tend to be choppy: falling when the market anticipates increased supply, then holding back losses when geopolitical risks also rise. The next focus will be on the details of the implementation of Venezuelan oil flows and US inventory data—two factors that could determine whether oversupply pressures intensify or begin to ease.
Source: Newsmaker.id
