Oil Prices Climb After US Seizes Venezuelan Tanker

According to data from TradingEconomics, West Texas Intermediate (WTI) crude contracts approached $59 per barrel on Thursday, continuing gains from the previous session after the United States intercepted a sanctioned oil tanker near Venezuela. This move has led to a decline in oil shipments from the South American producer and raised fears of escalating geopolitical tensions. Geopolitical risks were further heightened as Ukraine targeted a vessel linked to the 'phantom' fleet associated with Russian oil trade, despite U.S. calls for a ceasefire, marking the fifth such attack on ships connected to Russia since late last month. These developments come at a time when the oil market faces supply pressures, as increased production from OPEC+ and its allies is expected to outstrip weak demand, potentially creating an oversupply. Reports from OPEC and the International Energy Agency (IEA) expected today will provide clearer insights into the market balance. Additionally, U.S. government data showed that crude oil inventories fell by 1.8 million barrels last week, while stocks at the Cushing, Oklahoma hub rose after four weeks of decline but remained at their lowest seasonal levels since 2007.