- Oil edges higher on renewed geopolitical tension
- The WTI prompt-month contract rose $0.20 to $60.29/Bbl Monday morning (7:56 AM CT)
- Prices firmed after giving up overnight losses, as resumed operations at a major Russian port were overshadowed by a broader pickup in geopolitical risk
- Attacks on Novorossiysk and Iran’s seizure of an oil tanker added a fresh risk premium to a market already contending with signs of an emerging global supply surplus
- These geopolitical concerns are offsetting the market’s focus on rising output from OPEC+ and other producers
- Russian crude benchmarks have fallen to their lowest level in more than two and a half years (Argus)
- Floating storage continues to build, with global oil-on-water hitting a new record last week (Vortexa)
- Traders are also watching the US stance on Venezuela, after reporting from Politico suggested Washington may consider allowing President Maduro to exit the country if removed from power
- President Trump signaled Sunday that talks with the Venezuelan government could be possible
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