The Feb’26 Brent futures contract has fallen below $61/bbl this afternoon, falling from $61.10/bbl at 13:10 GMT to $60.15/bbl at 16:45 GMT. Prices have since risen to $60.33/bbl at 17:00 GMT (time of writing). In the news, Reuters reported that Ukrainian drones have struck the Korchagin oil rig, a Russian oil platform in the Caspian Sea. According to the report, this attack marks the third strike on this production platform in a week. While details are not yet clear, production has reportedly been stopped. Elsewhere, LSEG data show that a Benin-flagged tanker, the Boltaris, transporting 300kb of Russian naphtha destined for Venezuela’s PDVSA, has turned back after the US seized a vessel carrying Venezuelan oil last week; the Boltaris is now headed for Europe. Further, other shipping data show that at least four super tankers scheduled to load crude in Venezuela are also turning back. In related news, PDVSA has reported that a cyberattack has forced the company’s administrative and operational systems to shut down, including its oil delivery system. In Europe, the EU have announced new sanctions on companies and individuals aiding Moscow in circumventing Western sanctions on oil exports. These bans prevent EU citizens from doing business with listed parties and include over 2,600 entities. The latest targets nine individuals and entities supporting Russia’s shadow oil tanker fleet, per the EU Council and Official Journal. In Brazil, a company statement by Petrobras claims that the firm has seen no impact on its oil output since planned worker strikes began today. According to the statement, labour talks are ongoing, and market supply is “guaranteed.” In other news, Russia is reportedly considering extending export limits on diesel and gasoline until February, but no final decision has been made, according to the spokesperson for Deputy Prime Minister Alexander Novak. The government stated that fuel supply remains balanced. Finally, at time of writing, the front-month Feb/Mar’26 and 6-month Feb/Aug’26 spreads are at $0.25/bbl and $0.28/bbl, respectively.
