Oil prices fell on Tuesday, after posting gains of more than 2% in the previous session, following the United States' announcement that it might sell shipments of Venezuelan crude it had seized, while increased Ukrainian attacks on Russian ships and ports contributed to rising concerns about supply disruptions.
Brent crude futures fell 0.2% to $61.92 a barrel, while U.S. West Texas Intermediate crude futures also declined 0.2% to $57.88 a barrel.
Both crudes had ended the previous session more than 2% higher, posting strong gains, with Brent crude achieving its best daily performance in nearly two months, while West Texas Intermediate crude recorded its biggest daily gain since November 14.
As part of the pressure campaign on Venezuela, US President Donald Trump said on Monday that the United States might keep the oil it seized off the Venezuelan coast in recent weeks, or it might sell it.
Trump added, Maybe we'll sell it, maybe we'll keep it, noting that the oil could also be used to replenish the U.S. strategic petroleum reserve. He also asserted that it would be wise for Venezuelan President Nicolás Maduro to step down.
For its part, Barclays Bank said in a note issued on Monday that even if Venezuelan oil exports fall to zero in the near term, oil markets are likely to remain adequately supplied during the first half of 2026.
However, the bank estimates that the global oil surplus will shrink to around 700,000 barrels per day in the final quarter of 2026, warning that any prolonged disruption could tighten the market and deplete recent stockpiling increases.
Meanwhile, Russia and Ukraine exchanged attacks on vital facilities in the Black Sea, a key export route for both countries. Russian forces shelled the Ukrainian Black Sea port of Odessa late Monday, damaging port facilities and a ship, in the second attack on the area in less than 24 hours.
Russian authorities also announced on Monday that an attack by Ukrainian drones damaged two ships and two docks, and started a fire in a town in the Krasnodar region.
