WTI crude oil futures hovered around $57.9 per barrel on Tuesday, following four consecutive sessions of gains, as traders remained focused on heightened geopolitical risks. President Donald Trump said on Monday that the US is actively pursuing a third oil tanker off the coast of Venezuela and will retain both the oil and the vessels seized recently. While Venezuelan crude exports account for less than 1% of global oil supply, they remain a critical source of revenue for Nicolas Maduro government, making any disruption significant even if the broader supply impact is limited. In Europe, Ukraine continues strikes on Russian energy infrastructure, with the latest attack damaging two vessels and two piers and igniting a fire in a village along the Black Sea coast, a key corridor for Russia’s energy exports. Despite these geopolitical factors supporting oil prices, crude remains on track for an annual decline amid expectations of a swelling surplus.
