The Feb’26 Brent crude futures has traded steadily around $62/bbl on Tuesday morning, printing $62.08/bbl at 18:00 SGT (time of writing). Prices have anchored themselves at $62 following the $1 rally over four hours on Monday (10:00-14:00 GMT), as a bullish reaction to the heightened tensions between Venezuela and the US. Regarding the oil seized from Venezuela, Trump said that the US will keep or sell the crude oil, as well as the vessels themselves. Nonetheless, tankers continue to load oil off Venezuela’s coast, where roughly 14 vessels have loaded since 11 Dec, according to Kpler. While Zelenskyy has said that recent peace negotiations are close to a “real result,” US officials are far more cautious, with Vice President JD Vance saying he lacks confidence a peace deal will be reached. Talks are ongoing, but Washington says no breakthrough has yet emerged and key disputes remain, especially over territory. Authorities in Russia’s Krasnodar region said on Tuesday that a fire at the fuel oil supply pipeline at the port of Taman had been extinguished. Finally, the front- (Feb/Mar’26) and 6-month (Feb/Aug’26) Brent futures spreads are at $0.52/bbl and $1.16/bbl respectively.
