Oil closed at the lowest since October, weighed down by earlier losses in equities.
West Texas Intermediate declined around 1.5% to settle below $58 a barrel while global benchmark Brent closed near $61 a barrel. Pressure from disappointing earnings offset escalating geopolitical tensions that had earlier lifted prices.
US forces intercepted and seized a sanctioned tanker — a very large crude carrier — in a move the government in Caracas called an ‘act of piracy.’ The OPEC member holds the world’s largest oil reserves and exported about 586,000 barrels a day last month, which mostly went to China.
Meanwhile, Ukraine attacked Lukoil PJSC’s Filanovsky oil field in the Caspian Sea, according to a person familiar with the matter, widening the scope of its strikes on Russian energy infrastructure even as the US presses Kyiv to accept a peace deal largely on the Kremlin’s terms. An end to the conflict would allow more Russian barrels into the market.
“The weaker equity backdrop and steady Ukraine–Russia headlines are keeping sentiment soft, with only marginal short covering from the Venezuela story,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.
Today, the Federal Bureau of Investigation, Homeland Security Investigations, and the United States Coast Guard, with support from the Department of War, executed a seizure warrant for a crude oil tanker used to transport sanctioned oil from Venezuela and Iran.
— Attorney General Pamela Bondi (@AGPamBondi) December 10, 2025
The increased tensions come against a bearish backdrop for crude, as more production from OPEC+ and the Americas is set to overwhelm tepid demand growth and lead to a glut. The International Energy Agency offered some relief from the gloom on Thursday, trimming its estimate of record oversupply for the first time since May.
“All in all, for 2026, stock builds should be higher than in 2025, though strong China buying and continued geopolitical risks keep the ex-China surplus more modest,” Citigroup Inc. analysts including Eric Lee said.
Oil Prices
WTI for January delivery fell 1.47% to settle at $57.60 a barrel.
Brent for February settlement fell 1.49% to settle at $61.28 a barrel.
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