Core Viewpoint - The global oil benchmark, Brent crude, has reached a six-month high due to concerns over potential supply disruptions from a possible U.S. attack on Iran [1] Group 1: Oil Prices - Brent crude futures rose above $71 a barrel for the first time since late July [1] - U.S.-traded light sweet crude futures increased by 1.4% to $66 a barrel as Brent contracts gained [1]

Crude oil production from the OPEC+ alliance slumped by as much as 439,000 barrels per day in January compared to December as a major supply disruption in Kazakhstan added to lower output from Iran and Venezuela, OPEC data showed in its Monthly Oil Market Report (MOMR). Total OPEC+ crude oil production averaged 42.45 million barrels per day (bpd) in January 2026, down by 439,000 bpd versus December, as Kazakhstan’s output plummeted by 249,000 bpd, according to the OPEC estimates based on secondary sources ...

By Katya Golubkova TOKYO, Feb 5 (Reuters) - Oil prices fell on Thursday after the U.S. and Iran agreed to hold talks in Oman on Friday, easing concerns of a ​potential military conflict between them that could disrupt supply from the key Middle East-producing region. Brent ‌crude futures fell $1, or 1.4%, to $68.47 per barrel at 0152 GMT. U.S. West Texas Intermediate crude prices fell 91 cents, ‌or also 1.4%, to trade at $64.23. Oil prices surged about 3% on Wednesday after a media report suggested the ...

Core Viewpoint - Oil prices are rising due to renewed threats from President Trump against Iran, raising concerns about potential supply disruptions in the oil market [1][2]. Group 1: Oil Production and Supply - Iran produces approximately 3.4 million barrels of oil per day, which is significantly lower than the U.S. and Saudi Arabia, producing about 13.5 million and 9.5 million barrels per day, respectively [1]. - OPEC and its allies, responsible for about 40% of global oil production, increased their output last year, which has reduced spare capacity in the market [4]. Group 2: Market Reactions and Concerns - Recent protests in Iran, triggered by the decline of the rial currency and Trump's military action suggestions, have created anxiety in energy markets, with experts noting that "oil markets are moving on fear" [2]. - The potential for a confrontation between the U.S. and Iran could lead to a significant loss of Iranian oil exports, which would be difficult to replace due to limited spare capacity in OPEC [5]. Group 3: Strategic Importance of Iran - Iran's geographical location is critical, particularly regarding the Strait of Hormuz, a major chokepoint for oil transportation, through which about 20% of global crude flows [6]. - Historical context includes Iran's previous attacks on oil tankers in the Strait of Hormuz, raising concerns about the security of oil supply routes [6]. Group 4: Sanctions and Economic Impact - Existing sanctions on Iran have already affected its crude oil exports, with most of its oil being sold to independent Chinese refiners at discounted prices [7]. - The effectiveness of sanctions in influencing Iranian policy is questioned, as the current market dynamics may limit their impact [8].

Core Viewpoint - Oil prices have reached their highest level since November due to the U.S. imposing a 25% tariff on countries doing business with Iran [1] Group 1: Oil Price Movements - Brent crude and WTI both increased by 0.5%, reaching $64.17 per barrel and $59.81 per barrel, respectively, following a higher settlement in the previous session [2] Group 2: Market Sentiment and Supply Concerns - The potential reduction in Iranian oil supply has shifted market sentiment from bearish to a more cautious outlook, countering earlier expectations of a global oil glut [2] - Ongoing concerns about the tariff's impact on relations with major crude buyers, particularly China, which is a significant importer of Iranian oil, are influencing market dynamics [2] - Market participants are also considering developments in Venezuela as part of the broader supply landscape [2]

Core Viewpoint - Oil prices are rising due to concerns over potential supply disruptions from Iran amid escalating protests, despite efforts to restore oil exports from Venezuela [1] Group 1 - Oil prices extended gains on Monday, indicating a bullish trend in the market [1] - The intensifying protests in Iran are raising fears of supply disruptions from this OPEC producer [1] - Efforts to quickly resume oil exports from Venezuela are ongoing, but the impact on overall supply remains uncertain [1]

Oil Market Insights - Iran protests have contributed to a bullish start for 2026, raising concerns about potential supply disruptions, with ICE Brent prices nearing $63 per barrel, marking a $2 increase and the third consecutive weekly gain [2] - The US government's inability to attract investments from oil majors in Venezuela has tempered expectations for a near-term surge in Venezuelan oil production, despite Treasury Secretary Bessent's encouragement for 'wildcatters' to drill [2][6] Geopolitical Developments - The US military seized a Russian-flagged tanker after a three-week pursuit, highlighting ongoing tensions in maritime oil transport [3] - Iraq has approved the nationalization of the West Qurna 2 oilfield, previously operated by Lukoil, due to US sanctions, with operations now under the control of state-owned Basrah Oil [4] Mergers and Acquisitions - Rio Tinto and Glencore are in early discussions to merge, potentially creating the world's largest mining company valued at $207 billion, building on a previous stalled merger proposal [5] - Spanish and Portuguese refiners, Moeve and Galp, are negotiating a merger of their downstream businesses, aiming for a combined capacity of 690,000 b/d, which represents 5% of Europe's refining capacity [7]

Venezuela's main oil ports on Tuesday entered their fifth day without delivering crude for state-run PDVSA's customers in Asia, which are the OPEC country's main buyers, shipping data showed, as the U... ...

Core Viewpoint - Venezuela is facing a potential shutdown of oil production due to a lack of storage space amid U.S. tanker blockades, which could lead to significant production curbs in the near future [1] Group 1: Oil Production and Storage - Venezuela's largest oil storage hub and tankers at its ports may reach full capacity within 10 days, necessitating production cuts [1] - The International Energy Agency reported that Venezuela's crude oil production is declining, with an estimated output of 860,000 barrels per day in November, down from 1.01 million bpd in October [3] - Further declines in oil supply are anticipated in December due to U.S. actions in Caribbean waters, including the seizure of tankers carrying Venezuelan crude [4] Group 2: Impact of U.S. Actions - Approximately 11 million barrels of Venezuelan crude are currently stranded at sea, leading to deeper discounts and changes in spot contracts demanded by buyers [2] - The U.S. is reportedly prepared to seize more tankers, with a list of targeted vessels already in place [4] - The blockade is also affecting Venezuela's supply of Russian naphtha, which is essential for diluting heavy crude, as at least one tanker carrying 32,000 metric tons of naphtha turned back to Europe [5] Group 3: Potential Production Loss - In a worst-case scenario, Venezuela could lose up to 500,000 barrels per day of oil production due to additional restrictions and a shortage of diluents [6]

Group 1 - The U.S. is preparing to seize more oil tankers off the coast of Venezuela as part of a broader campaign against Venezuela's oil exports [1][2][3] - A recent seizure involved a tanker that allegedly transported oil from Venezuela to Iran, indicating a targeted approach by the U.S. government [2][3] - The oil market is currently focused on Ukraine peace talks, with no significant indication of a major supply disruption despite the U.S. actions [2] Group 2 - U.S. crude oil prices fell by $1.04, or 1.78%, to $57.42 per barrel, while global benchmark Brent decreased by $1.10, or 1.77%, to $61.11 [2]