Brent rises after US intercepts an oil tanker off Venezuela
The front-month ICE Brent contract has risen by $1.35/bbl on the day from Friday, to trade at $61.09/bbl at 09.00 GMT.
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Upward pressure:
Brent crude’s price has moved higher after the US government intercepted an oil tanker off Venezuela’s coast, triggering fresh supply-related concerns in the market.
The US Coast Guard is tracking an oil tanker in international waters off Venezuela, marking a second such operation over the weekend and the third in less than two weeks if the vessel is seized, Reuters reported citing sources.
The news builds on last week’s complete ban announced by US President Donald Trump, on sanctioned oil tankers carrying Venezuelan oil.
“Crude futures were inching higher… after the weekend brought an escalating US crackdown on oil movements in and out of Venezuela,” VANDA Insights’ founder and analyst Vandana Hari said.
Downward pressure:
Growing hopes of a ceasefire deal between Russia and Ukraine has put some downward pressure on Brent today.
Over the weekend, US special envoy Steve Witkoff said discussions held over the past three days in Florida between US, European and Ukrainian officials were aimed at bringing their positions into closer alignment on ending the war in Ukraine, Reuters reported.
Witkoff said that both those meetings and separate engagements with Russian negotiators had yielded constructive progress, the report added.
By Aparupa Mazumder
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