Crude oil prices climb as global tensions spark supply worries
Oil prices ticked up on Thursday, with Brent at $60 and WTI near $56, as traders reacted to possible disruptions from Venezuela and Russia.
Why does this matter?
If you drive, travel, or just care about your wallet, it's a widely accepted economic principle that rising oil prices can mean higher costs for fuel and goods.
The jump comes as the US considers tougher sanctions on Russia's energy sector if talks over Ukraine stall.
That uncertainty is making markets nervous.
What's fueling the change?
US data showed crude stockpiles fell less than expected last week—down 1.3 million barrels instead of a big drop—while gasoline supplies actually went up.
Meanwhile, Venezuela faces new US restrictions that could slow its exports to China, though some shipments to the US will keep flowing for now.
All this adds up to a market that's feeling pretty unsettled right now.