Oil prices inched higher on Friday after news broke that the United States may seize more Venezuelan oil tankers. This raised fresh concerns about supply shortages. Even so, prices are still set to end the week lower, mainly because many investors are hopeful that Russia and Ukraine might finally reach a peace deal.
By early Friday, Brent crude was up 29 cents, settling at $61.57 a barrel, while U.S. West Texas Intermediate rose 31 cents to $57.91. Both benchmarks had dropped about 1.5% the day before.
Sources told Reuters that the U.S. is preparing to intercept more ships carrying Venezuelan oil, following the seizure of a tanker earlier this week. That move shook the market and reminded traders how quickly supply lines can be disrupted.
Hiroyuki Kikukawa of Nissan Securities said traders initially sold oil because they expected supplies to loosen if Russia and Ukraine moved closer to peace. But once the U.S. seized the Venezuelan tanker, buyers came back in to reduce their losses.
He added that peace talks between Russia and Ukraine will continue to drive market sentiment. If a deal is reached, he said WTI could drop toward $55, because Russian oil—currently restricted by Western sanctions—would likely return to the market.
World leaders are also getting more involved. The leaders of the U.K., France, and Germany spoke with U.S. President Donald Trump on Wednesday, calling this moment “crucial” in the push for peace.
But tensions remain high. On Thursday, a Ukrainian security official said Ukraine launched a drone attack on a Russian oil platform in the Caspian Sea for the first time, stopping production at the Lukoil-operated site.
Meanwhile, the International Energy Agency (IEA) raised its forecast for global oil demand growth in 2026 and lowered expectations for supply growth, citing stronger economic activity and reduced output from countries under sanctions.
However, OPEC offered a different view. In its update, OPEC said it expects global supply to match demand in 2026, contradicting the IEA’s warning of a supply shortage.
