WTI crude oil futures rose toward $59 per barrel on Thursday, extending gains from the previous session, after the US intercepted a sanctioned tanker near Venezuela. The move prompted a pullback in shipments from the South American producer and heightened fears of escalating tensions. Adding to the risk premium, Ukraine struck a shadow-fleet tanker tied to Russia’s oil trade, despite US calls for a ceasefire. It is the fifth such attack on Russia-linked ships since late last month. Rising geopolitical tensions come against a bearish crude backdrop, as higher output from OPEC+ and its allies is expected to outpace weak demand and create a supply glut. Fresh OPEC and IEA monthly reports due Thursday may provide further clarity on the market balance. Elsewhere, government data showed US crude inventories fell by 1.8 million barrels last week, while stocks at Cushing, Oklahoma, rose after four weeks of declines but stayed at their lowest seasonal level since 2007.
