After rising more than 2% in the previous session, oil prices held steady on Tuesday as the U.S. said it might sell the Venezuelan crude it has seized.
On Monday, Reuters reported that President Donald Trump said the U.S. might keep or sell the oil it had seized off the coast of Venezuela in recent weeks, amid his pressure campaign on Venezuela, which includes a “blockade” of oil tankers under sanctions entering and leaving the country.
Brent crude futures edged lower by 6 cents, or 0.1%, to $62.01 per barrel by 0440 GMT. U.S. West Texas Intermediate (WTI) crude slipped 9 cents, or 0.16%, to $57.92.
On Monday, Brent posted its best daily performance in two months, and WTI climbed the most since November 14.
Ukraine’s attacks on Russian vessels and piers also heightened fears of supply disruption.
Markets are cautious as traders weigh the geopolitical risks against forecasts of ample supply in early 2026, leaving prices potentially sensitive to any prolonged disruptions.
“It is true that even if Venezuelan oil exports were to fall to zero over the near term, oil markets will likely still be well supplied in H1 26,” Reuters quoted Barclays as saying in a note dated Monday.
However, Barclays estimates the global oil surplus will shrink to just 700,000 barrels per day in the fourth quarter of 2026, and a prolonged disruption could tighten the market further, depleting recent inventory builds.
It was identified by the British maritime risk management group Vanguard as Bella 1, pictured here in March in images verified by Reuters.
Meanwhile, Russia and Ukraine waged attacks on each other’s facilities on the Black Sea, a vital export route for both countries.
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Russian forces struck Ukraine’s Black Sea port of Odesa late on Monday and damaged port facilities and a ship, in the second attack on the region in less than 24 hours.
A Ukrainian drone attack damaged two vessels, two piers, and sparked a fire in a village in Russia’s Krasnodar region, regional authorities said on Monday.
Ukraine has also targeted Russia’s maritime logistics, focusing on shadow-fleet oil tankers that attempt to bypass sanctions on Russia over the nearly four-year war.
