Oil Prices Rise Amidst Ukraine-Russia Tensions
Update: 2026-01-02
Description
Oil prices inched up in early Asian trading on January 2nd, 2026, following a tumultuous 2025. Brent crude and U.S. WTI both gained 0.3% amid escalating tensions between Ukraine and Russia, which led to drone attacks over the New Year. The U.S. also tightened sanctions on Venezuelas oil trade, further impacting global supply. Geopolitical risks appear to be the primary driver of oil prices, countering ample global supply and weak demand growth. Checkout Solipillow.com
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