Oil prices edged higher in Asian trading on Wednesday due to renewed concerns over global supply disruptions. Key drivers included looming U.S. sanctions on Russia, a U.S. export ban on Venezuelan crude, and stalled U.S.-Iran nuclear negotiations—all ahead of a critical OPEC+ meeting.
As of 21:28 ET, Brent crude futures for July delivery rose 0.7% to $64.54 per barrel, while WTI crude gained 0.7% to $61.33. The rise follows the U.S. decision to bar Chevron (NYSE:CVX) from exporting oil from Venezuela. Although Chevron can maintain its Venezuelan assets, it cannot extract or export crude, tightening the overall supply outlook.
Markets are also on edge due to the upcoming OPEC+ meeting, where member states may agree to a 411,000 barrels-per-day output increase for July. The group has been gradually unwinding previous production cuts, having already boosted output in May and June. While this suggests increased future supply, geopolitical uncertainties continue to weigh heavily.
U.S. President Donald Trump warned that Russian President Vladimir Putin is “playing with fire,” hinting at further sanctions that could disrupt Russian energy exports. Such moves would tighten the global oil market further, fueling bullish sentiment.
Meanwhile, the fifth round of U.S.-Iran nuclear talks ended with minimal progress, especially regarding uranium enrichment—a sticking point that could delay any deal and prolong sanctions on Iranian oil exports.
Investors are also awaiting delayed inventory data from the American Petroleum Institute, typically a weekly signal for short-term oil demand and supply trends. The delay, caused by the U.S. Memorial Day holiday, adds another layer of uncertainty.
Together, geopolitical risks and supply constraints are reinforcing upward pressure on oil prices, with markets closely watching OPEC+ decisions and U.S. foreign policy developments.


Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady
Asian Markets Slip as AI Spending Fears Shake Tech, Wall Street Futures Rebound
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 



