WTI crude oil futures hovered at $58.1 per barrel on Tuesday after surging more than 2% the previous day on heightened geopolitical risks. Uncertainty over efforts to end the war in Ukraine resurfaced after Russia’s foreign minister said Moscow’s negotiating position would change following alleged strikes on President Putin’s residence. Prior to the attack claims, the US and Ukraine said they had made “a lot of progress” toward finalizing a deal, though “thorny” issues remain. Meanwhile, Venezuela reportedly began shutting wells in a key oil-rich region amid a US blockade. President Trump said Monday the US had struck a loading facility in the country. Renewed tensions in the Middle East have also fueled fears of broader instability, with Trump warning of further strikes if Iran resumes nuclear rebuilding. Nevertheless, prices are down nearly 20% this year, on track for the steepest loss since 2020, amid expectations of ample global supply.
