Oil prices stay steady as US targets Russia, surplus on the horizon
Oil prices are holding pretty steady right now, even as the US rolls out new sanctions against major Russian oil companies.
While Russian crude just hit a two-year low, global prices like WTI and Brent haven't moved much—both hovering around $60-$64 per barrel.
The market's also bracing for a possible surplus that could shake things up in the next couple of years.
Big oil surplus expected, plus some global drama
The International Energy Agency says we could see a big oil surplus by 2026, thanks to more production from OPEC countries and places like Canada (which just ramped up output with its Trans Mountain pipeline).
But it's not all smooth sailing: stuff like Sudan's export issues and Iran seizing a tanker near the Strait of Hormuz are adding uncertainty.
Plus, rising US pressure on Venezuela might make things even messier for future oil prices.