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Brent Supported At $68/bbl

Brent supported at $68, Trump threatens Cuba-related tariffs, OFAC issues license for Venezuelan oil
Published: January 30, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
4 page report
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After briefly reaching the $70/bbl level last night, this morning the Apr’26 Brent crude futures corrected lower to the $68/bbl handle, seeing lows of $67.79/bbl at one point before prices stabilised around $68.50/bbl. March Brent futures expires today and the Mar/Apr’26 spread is trading around $1.30/bbl.

Yesterday, the spread traded in a 40c range, reflecting the tight liquidity conditions ahead of expiry. In the news, President Donald Trump threatened tariffs on any country supplying oil to Cuba, escalating pressure on the communist-run island while Cuba warned the move could cripple essential services. The US Treasury issued a general licence allowing American oil companies to buy, resell, and invest in Venezuela’s oil sector following reforms to the country’s hydrocarbons law, effectively opening its vast reserves to Big Oil while keeping non-US firms restricted. Meanwhile, Venezuelan lawmakers approved a reform of the country’s nationalist oil policy, giving the Oil Ministry flexibility on taxes, royalties, and disputes to attract investment. The US will route Venezuelan oil revenues through a Qatar-based fund, with Caracas submitting monthly budgets for Washington’s approval, a “novel” short-term scheme designed, according to Secretary of State Marco Rubio, to ensure proceeds benefit the Venezuelan people while keeping sanctions in place. According to analysts, around 500kb/d of US crude remained offline on Thursday following a winter storm, mainly in the Permian Basin. Finally, the Apr/May and Apr/Oct Brent futures spreads are at $0.72/bbl and $2.80/bbl respectively.

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