Oil prices hold steady as global tensions simmer
On December 2, 2025, oil prices stayed surprisingly steady—even with rising drama between the US and Venezuela and fresh damage to a major Black Sea export terminal.
WTI crude hovered above $59 a barrel, Brent closed near $63.
For now, the market seems to be holding its breath as supply worries linger.
Venezuela's oil: Up a bit, but still shaky
Venezuela managed a small bump in oil production recently, reflecting its best output in months.
However, even with this uptick, US imports from Venezuela are still super low, thanks to years of sanctions and ongoing infrastructure struggles.
Black Sea trouble could shake up supplies
Ukraine's strikes recently damaged the Caspian Pipeline Consortium terminal—a key route for Kazakhstani oil—in the Black Sea.
With operations there on pause, there's real concern about more disruptions ahead that could ripple through global energy markets.