Commodity Corner | Oil Snaps Losing Streak as Russia-Ukraine Tensions and Venezuela Curbs Support Prices - 02.01.2026
* Oil prices edged higher on the first trading day of 2026 after recording their steepest annual decline since 2020.
* The uptick followed reports of Ukrainian drone attacks targeting Russian oil infrastructure, raising fresh supply-side concerns.
* Additional support came from pressure on Venezuela’s crude exports due to a U.S. blockade, tightening regional supply flows.
* Geopolitical tensions remained elevated as Russia and Ukraine exchanged allegations of civilian attacks on New Year’s Day.* The developments occurred despite intensive peace discussions overseen by U.S. President Donald Trump aimed at ending the nearly four-year-long conflict.
Price Movements
* Brent crude futures rose 14 cents to $60.99 per barrel in early trade.
* U.S. West Texas Intermediate (WTI) crude also gained 14 cents, trading at $57.56 per barrel.
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