Global oil prices surge as supply disruptions hit Venezuela and Russia — Reuters
Photo: Oil prices rise amid supply problems from Venezuela and Russia (Getty Images)
Oil prices rose slightly on Wednesday, December 24, amid stable economic growth in the US and threats of supply disruptions from Venezuela and Russia, Reuters reports.
Brent crude futures fell 1 cent to $62.37 per barrel, while US WTI crude rose 1 cent to $58.39 per barrel.
Since December 16, when prices almost reached a five-year low, both oil benchmarks have gained about 6% in value.
According to US data, the country's economy grew at its fastest pace in two years in the third quarter of 2025, driven by strong consumer spending and a rapid recovery in exports.
At the same time, last week, commercial oil reserves in the US increased by 2.39 million barrels, gasoline reserves by 1.09 million barrels, and distillates by 685,000 barrels.
Analysts at Haitong Futures note that on the supply side, the key factor driving prices higher was disruptions to Venezuelan oil exports.
Oil market expectations
According to analysts, the recovery in oil prices is linked to geopolitical tensions, in particular, US President Donald Trump's announcement of a complete and final blockade of sanctioned Venezuelan oil tankers.
The market was also affected by reports of a Ukrainian drone strike on a Russian ship belonging to the so-called shadow fleet in the Mediterranean Sea.
As the analyst pointed out, the market is also gradually losing hope for a quick long-term peace agreement between Russia and Ukraine brokered by the US.
