Oil prices slip as global tensions simmer
Oil prices dipped a bit on Tuesday after a recent spike, with Brent crude at $61.96 and WTI at $57.88 per barrel.
The main reason? Ongoing drama around Venezuela's oil exports and fresh attacks in Ukraine's Black Sea region are making the markets jittery.
What's going on with Venezuela and Russia?
The US is cracking down harder on Venezuelan oil tankers, targeting vessels as part of efforts to block "dark fleet" vessels moving a significant portion of Venezuela's crude (except for Chevron, which has a special waiver).
Even so, Venezuela makes up less than 1% of global oil supply—so the world isn't running dry just yet.
Will this mess up global oil supply?
Not immediately.
Barclays says even if Venezuelan exports stopped for now, other countries could easily make up the difference. Russia's output is expected to stay steady through 2026 too.
But if these disruptions drag on, Barclays warns that global surpluses could shrink by late 2026—meaning higher prices and more supply headaches down the road.
Why should you care?
If you use fuel or buy anything shipped by truck (basically everyone), these tensions can impact what you pay at the pump or store.
Plus, it's a reminder of how connected—and unpredictable—the world economy really is right now.