23.12.202501:34:11UTC+00Oil Holds Advance

WTI crude oil futures stabilized around $57.9 per barrel on Tuesday after four consecutive days of gains. This stability reflects traders' focus on escalating geopolitical tensions. On Monday, President Donald Trump announced that the U.S. is actively pursuing a third oil tanker off the Venezuelan coast and intends to retain both the oil and recently seized vessels. Although exports of Venezuelan crude make up less than 1% of the global oil supply, these are vital revenue sources for the Nicolás Maduro administration. Consequently, any disruption is significant despite its limited impact on overall supply. In Europe, Ukraine continues to target Russian energy infrastructure, with the latest assault damaging two vessels and two piers. This attack also caused a fire in a village along the Black Sea coast, a crucial route for Russian energy exports. Despite these geopolitical factors bolstering oil prices, crude is still projected to decline over the year due to expectations of an increasing surplus.