The Dec’25 Brent futures contract dipped this afternoon, to $63.29/bbl at 14:20 BST before finding support to reach $64.16 at 16:00 BST. Prices then softened to $63.11/bbl at 17:00 BST (time of writing). In the news, US President Trump via Truth Social has threatened additional tariffs on Chinese products following China’s move to tighten export controls on rare earth metals. In Russia, Reuters reported that oil exports from Russia’s western ports are expected to remain near September’s record highs, amid increased refinery activity. October’s export estimates are anticipated to fall around 200kb/d, to 2.3mb/d. Elsewhere, Hungary’s Foreign Minister Szijjarto has said that Hungarian oil company MOL will increase deliveries to Serbia, following US sanctions to the NIS earlier this week. The increase will not fully cover the cut of shipments from Croatia, though details have not yet been released. In China, Reuters reported that recent US sanctions on Iranian oil exports have disrupted operations at a Sinopec terminal that handles 20% of Chinese crude imports. In Greece, Energy Minister Stavros Papastavrou has stated that Greece is nearing an offshore oil and gas exploration contract with Chevron and Helleniq Energy; they hope to make a deal by the end of 2025. In other news, Venezuelan leader Nicolás Maduro has proposed granting US companies access to Venezuela’s oil and gold projects to appease the Trump Administration and prevent conflict. Finally, the front month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.41/bbl and $0.64/bbl, respectively.
