Oil prices nudged higher on Wednesday, with Brent crude reaching $62.59 per barrel, marking a two-week high and the sixth straight day of gains.
The market moved cautiously, responding to a mix of geopolitical drama and supply updates that kept traders on edge.
In Venezuela, tensions flared again as the U.S. moved to intercept another oil tanker, intensifying pressure on President Nicolás Maduro’s government.
Though Venezuelan crude makes up a small slice of global supply, any disruption draws attention, given its importance for the country’s revenue.
Farther east, the conflict between Ukraine and Russia added another layer of uncertainty. A recent strike hit port infrastructure along the Black Sea, igniting a fire near key energy routes and affecting nearby vessels.
For oil markets, such events are a reminder that even localized incidents can ripple across global supply chains.
At the same time, U.S. crude inventories rose by 2.4 million barrels, with gasoline and distillate stocks also climbing, signaling that supply remains ample.
Even with short-term gains, oil is set for its largest annual decline in years, reflecting a market still wary of oversupply heading into 2026.
