WTI crude oil futures hovered around $59.5 per barrel on Tuesday after rising more than 1% in the previous session, supported by geopolitical risks threatening global supply and the latest OPEC+ decision. Ukrainian attacks over the weekend severely damaged a mooring at the Caspian Pipeline Consortium, which links Kazakh fields to Russia’s Black Sea coast, prompting port authorities to halt all loading operations. At the same time, tensions between the US and Venezuela escalated after President Donald Trump warned that the country’s airspace should be considered closed. His threat came as Washington strengthened its military buildup in the region. Additionally, OPEC+ on Sunday reaffirmed its plan to keep production levels unchanged in the first quarter of 2026 as it grapples with uneven demand trends and a potential oversupply next year.
