Oil prices settled modestly higher as markets balanced stronger-than-expected U.S. economic growth against mounting risks of supply disruptions from Venezuela and Russia. Brent crude rose 31 cents, or 0.5%, to $62.38 a barrel, while WTI gained 37 cents, or 0.6%, to $58.38. The move extended Monday’s rally, when Brent posted its biggest daily gain in two months and WTI recorded its strongest advance since mid-November.
Support came after U.S. data showed the economy expanded faster than anticipated in the third quarter, driven by resilient consumer spending. While the growth outlook lifted demand expectations, investors also weighed the risk that sustained strength could keep the Federal Reserve cautious on interest rate cuts. Other economic indicators were mixed, with consumer confidence weakening in December and factory output flat in November.
Geopolitical risks also remained a key focus. Concerns over Venezuelan supply disruptions persisted following the U.S. decision to blockade sanctioned oil tankers, which has slowed tanker loadings and increased the risk of production shut-ins amid tightening storage capacity. Meanwhile, renewed attacks around the Black Sea raised fresh uncertainty over Russian exports, after strikes damaged port infrastructure and vessels on both sides of the conflict, underscoring ongoing risks to maritime oil flows.
Despite near-term price support from geopolitical tensions, analysts continue to expect ample supply in early 2026, though prolonged disruptions could narrow the projected surplus later in the year.