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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.
