Key Moments
- Brent February futures traded at $61.40 per barrel and WTI at $57.69 per barrel, both up 0.2% after the prior session’s sharp declines.
- Oil benchmarks remained on track to lose more than 3% for the week, following a 1.5% drop on Thursday to their lowest levels in over seven weeks.
- A reported U.S. push to seize additional sanctioned tankers carrying Venezuelan crude added a supply-risk premium. Meanwhile, Ukraine peace efforts limited the upside.
Prices Stabilize After Steep Selloff
Investing.com – Crude prices moved modestly higher on Friday. They rebounded from a sharp slump in the previous session. Traders reacted to potential disruptions in Venezuelan oil flows.
At 04:40 ET (09:40 GMT), Brent Oil Futures for February delivery rose 0.2% to $61.40 per barrel. At the same time, West Texas Intermediate (WTI) crude futures increased 0.2% to $57.69 per barrel.
Both benchmarks had fallen 1.5% on Thursday, touching their lowest levels in more than seven weeks. The recent pressure on prices was linked to optimism over possible progress toward peace in Ukraine. In addition, rising U.S. gasoline and distillate inventories contributed to the decline.
Despite Friday’s uptick, crude remained on course to post a weekly decline of more than 3%.
Market Snapshot
| Contract | Delivery Month | Price | Move | Context |
|---|---|---|---|---|
| Brent Oil Futures | February | $61.40 per barrel | +0.2% | Rebound after 1.5% drop on Thursday |
| WTI Crude Futures | – | $57.69 per barrel | +0.2% | Rebound after 1.5% drop on Thursday |
Heightened Focus on Venezuelan Supply
Prices drew support from a Reuters report citing unnamed sources. The report indicated that the U.S. is preparing further interdictions of tankers carrying Venezuelan oil. This follows the earlier seizure of the tanker Skipper off Venezuela’s coast.
The potential expansion of seizures represents a notable intensification of Washington’s enforcement of sanctions. Consequently, shipowners are reconsidering voyages that involve Venezuelan crude. The report also mentioned that U.S. authorities have compiled a list of several additional sanctioned tankers that could be targeted.
As a result, the possibility of further interruptions to Venezuelan shipments introduced a fresh risk premium into crude markets. This allowed Brent and WTI to recoup part of their recent losses.
Diplomatic Developments Limit Upside
Oil’s gains were restrained as attention shifted to diplomatic efforts surrounding the conflict in Ukraine. Leaders from Britain, France, and Germany held a call with U.S. President Donald Trump on Wednesday. They discussed Washington’s latest peace initiatives, describing the situation as a “critical moment.”
Any progress toward a negotiated end to the war could influence sanctions on Russian energy exports. This, in turn, may alter expectations for global crude supply dynamics. Earlier in the week, crude prices softened when early signs of progress in the peace talks emerged, highlighting the market’s sensitivity to de-escalation signals.
Overall, continued uncertainty in European diplomacy has left crude prices directionally constrained. Competing forces, including potential Venezuelan supply disruptions and evolving Ukraine peace efforts, continue to shape investor sentiment.
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