- Crude softens as rising supplies outweigh geopolitical tension
- WTI prompt-month slipped $0.16 to $59.75/Bbl Tuesday morning (7:45 AM CT)
- The market continues to price in a 2026 surplus even as geopolitical risks linger
- On Monday, President Trump said he’s not ruling out sending US troops into Venezuela, though he’s also open to direct talks with the country’s leadership
- He added that military action could extend beyond Venezuela to targets in Colombia or even Mexico
- Expanded US sanctions on Chinese ports and refiners are slowing Russian and Iranian flows into China, but Bloomberg notes emerging workarounds may limit the duration of these disruptions
- Crude on the water hit another record ahead of the US sanctions deadline
- Roughly 1.4 BBbl of crude were either en route or in floating storage last week, according to Vortexa
- The buildup of oil at sea underscores rising global supplies hitting a market already bracing for a surplus next year
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