Feb’26 Brent Futures reached $60.67/bbl at 01.34 GMT but is softer at $59.80/bbl at the time of writing at 10.15 GMT. Ukrainian President Volodymyr Zelenskyy warned that failure to reach an agreement on the use of frozen Russian assets would create significant difficulties for Ukraine, stating that he hopes to secure a positive outcome through talks with European leaders. French President Emmanuel Macron said he is confident the EU can find a compromise on funding for Ukraine, stressing that European leaders are committed to delivering a financing package and maintaining clear support for Ukraine’s war effort and a durable peace. Venezuela has requested that the United Nations Security Council convene a meeting to address what it describes as “ongoing US aggression,” according to a letter seen by Reuters. A UN diplomat cited by Reuters said the meeting is expected to be scheduled for next week. China has expressed support for Venezuela’s request to convene an emergency meeting of the United Nations Security Council, Foreign Ministry spokesperson Guo Jiakun said. Speaking at a regular press briefing, Guo stated that Venezuela is entitled to independently pursue mutually beneficial cooperation with other countries, adding that the international community understands and supports Venezuela’s efforts to safeguard its legitimate rights and interests. Delegations from JSC KazTransOil and PJSC Transneft held a working meeting in Astana, where they discussed key areas of bilateral cooperation and signed an agreement covering oil transit through Russia for 2026. The two companies reaffirmed their long-standing partnership in oil transportation, which includes exporting oil via Russia to the ports of Novorossiysk and Ust-Luga, as well as to the Russia–Belarus border for onward delivery to the EU, and transiting Russian oil through Kazakhstan to supply Kazakh refineries. Finally, the front-month (Feb/Mar) and 6-month (Feb/Aug) Brent futures spreads are at $0.27/bbl and $0.29/bbl, respectively.
