Oil Prices: Glut Cushions Geopolitical Tensions

Oil prices remain subdued due to a global supply glut, with Brent crude hovering around $60 per barrel. The U.S. is escalating its blockade off Venezuela, seizing oil tankers, but prices are capped by the surplus. The Trump administration has more leeway to push the blockade, as low prices alleviate concerns about fuel costs for American drivers. Russia adds uncertainty, with potential new sanctions looming, but the oil glut allows the U.S. to act boldly without significant market repercussions. In a worst-case scenario, tighter restrictions on Venezuela could reduce its output by up to 500,000 barrels per day, but the global supply cushions the impact.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.