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Brent Approaches $65/bbl

Brent approaches $65/bbl; Venezuela approves oil sector reforms; Russia says no peace talks breakthrough
Published: January 23, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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This morning, Mar’26 Brent crude futures opened 40c from yesterday’s close and is trading up to $64.75/bbl by 18:00 SGT (10:00 GMT) (time of writing).

Prices rebounded after Trump told reporters aboard Air Force One the US has an “armada” heading toward Iran as he renewed warnings to Tehran. In the news, Venezuela’s lawmakers have approved oil sector reforms that open the industry to private and foreign investment, cut taxes, and allow international arbitration, potentially ending decades of state dominance. The US is allowing China to buy Venezuelan oil, but only at “fair market prices”, while directing most sales to the United States and ending the deep discounts seen under Maduro. Shell is considering selling its Vaca Muerta shale assets in Argentina, which are largely undeveloped and break even at Brent prices below $50, as part of a broader portfolio reshuffle. Russia says no breakthrough was reached after Putin’s late-night talks with US envoys on a Ukraine peace plan, with Moscow insisting on territorial concessions in Donbas while trilateral negotiations continue in Abu Dhabi. Finally, the front-month (Mar/Apr) and 6-month (Mar/Sep) Brent futures spreads are at $0.73/bbl and $1.80/bbl respectively.

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