Oil extends gains after OPEC+ move

Brent crude oil futures rose to $63.2 per barrel on Tuesday, extending gains from the previous session as geopolitical tensions and the latest OPEC+ stance continued to support prices.

WTI crude oil futures climbed to $59.4 per barrel on Tuesday.

Supply risks intensified after Ukrainian attacks over the weekend severely damaged a mooring at the Caspian Pipeline Consortium, an essential route linking Kazakh oil fields to Russia’s Black Sea coast, forcing port authorities to halt all loading operations.

At the same time, friction between the US and Venezuela escalated after President Donald Trump warned that Venezuelan airspace should be treated as ‘closed,’ a statement issued amid a broader US military buildup in the region.

Adding further support, OPEC+ on Sunday reaffirmed its decision to keep production levels unchanged through the first quarter of 2026 as it navigates uneven demand trends and the risk of oversupply next year.