Oil prices climb again as global tensions heat up

Business Dec 02, 2025

Oil prices are on the rise for the second day straight, mainly because of fresh geopolitical flare-ups.
Ukrainian drone strikes on Russian energy sites and growing friction between the US and Venezuela have pushed Brent crude to $63.31 a barrel and WTI to $59.50.

What's driving the market—and what's next?

After a recent attack, oil shipments from the Black Sea are only partly back online, making prices jumpy.
OPEC+ is nudging up production in December, but oversupply worries linger.
Meanwhile, some analysts think these tensions could keep shaking things up short-term—but say oil prices might actually dip in the long run if fundamentals shift, possibly dropping WTI and Brent to $55 and $59 down the road.