Geopolitics and the increase in fuel stocks in the US are changing the situation on the oil market
A barrel of West Texas Intermediate (WTI) crude oil for delivery in February 2026 reached the price of $58.56 on the New York NYMEX, which means an increase of 0.31%. At the same time, Brent crude oil, listed on the London ICE exchange, costs $62.56. per barrel, increasing in price by 0.29%. Over the last five days, Brent has gained almost 6%, which indicates a clear upward trend.
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Geopolitical tensions and the US response
Venezuela, led by President Nicolas Maduro, appealed to Latin American countries and the United Nations to intervene in the United States' actions, which Caracas described as “aggression.” Venezuelan authorities refer to the US blockade of oil tankers in the Caribbean Sea.
President Donald Trump left no doubt about Washington's position towards Maduro. He warned that if the Venezuelan leader “plays the tough guy, he will do it for the last time.” Trump also announced that oil confiscated from Venezuelan tankers would be retained by the US, sold or used as a strategic reserve.
The United States' actions are causing concern among oil shippers and recipients. Concerns about security of supply and possible disruptions in raw material trade are increasing tensions on the markets.
Growing fuel supplies in the USA
Another important factor influencing the market is data on fuel stocks in the United States. According to a report by the American Petroleum Institute (API), last week oil stocks increased by 2.4 million barrels. The Cushing hub, one of the key storage points in the USA, saw an increase of 600,000. barrels. Meanwhile, gasoline stocks increased by 1.1 million barrels and distilled fuel stocks by 700,000. barrels.
Official data from the Department of Energy (DoE) will not be released until December 29, a few days behind schedule. In the meantime, trading on exchanges is limited and trading volumes are lower than usual, which further affects market dynamics.
Brent crude oil on an annual basis
Despite recent increases, Brent crude oil has lost about 16% since the beginning of the year. This is the largest annual decline since 2020. Analysts emphasize that although concerns about disruptions in raw material supplies, especially from OPEC+ members Russia and Venezuela, are temporarily supporting prices, uncertainty about the balance between supply and demand still puts pressure on the market.
Everything indicates that the end of the year will be marked by uncertainty and volatility on the oil markets, which are influenced by both geopolitical and economic factors.
