Oil prices up on US-Venezuela tensions, but set for weekly decline

Key Points

• Oil prices increased due to US plans to intercept Venezuelan oil tankers, raising supply concerns.
• Brent crude futures rose to $61.57 per barrel, and US West Texas Intermediate crude hit $57.91 per barrel.
• Optimism about a potential Russia-Ukraine peace agreement is driving weekly price declines despite supply concerns.
• The International Energy Agency upgraded demand forecasts for 2026 while trimming supply growth predictions, indicating a slightly narrower surplus next year.