Oil Prices Surge Amid Geopolitical Tensions
Update: 2025-12-24
Description
Oil prices closed the week with a mix of gains and losses, with February West Texas Intermediate crude ending slightly down. Geopolitical tensions, particularly in Venezuela and Ukraine, are driving support. The US Coast Guard boarded a tanker in the Caribbean, and Ukraine attacked a Russian shadow tanker. OPEC+ maintained its production plan, and US inventories remain below average. Despite rising US rig counts and output, global supply squeezes keep the market tense.
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