US economic growth, supply risks push oil prices higher

Business Dec 24, 2025

Oil prices are climbing again—Brent crude just hit $62.42 a barrel and West Texas Intermediate is at $58.41.
This jump follows strong gains earlier this week, thanks to upbeat news about the US economy and worries over possible supply hiccups.

What's driving the spike?

A big part of the surge comes from the US reporting a 4.3% GDP growth for the third quarter, mostly powered by people spending more.
On top of that, global tensions—like disrupted Venezuelan exports and ongoing Russia-Ukraine conflicts—are making oil supplies less predictable.
The US has also blocked Venezuelan oil tankers, leaving some stuck at sea and adding to worldwide supply jitters.