Oil prices surged due to geopolitical risk despite no supply losses, prompting a record day of Brent crude call option trading. Market sentiment on crude shifted, with hedge funds now taking long positions. Trump may exclude ExxonMobil from Venezuela efforts, while TotalEnergies gains offshore exploration block in Lebanon.

OPEC output falls as geopolitical risks impact Venezuela and Iran. Trump signals lifting Venezuela sanctions. Indonesia upgrades refinery to boost downstream capacity. Iran’s troubles disrupt crude loadings. Valero Energy ceases operations at California refinery. Ukrainian tankers hit by drones, disrupting crude loadings.

Norway awards exploration licenses, focusing on North Sea drilling. Tehran releases detained oil tanker. Gold prices hit record high. Canada expedites Equinor’s offshore project approvals. South Korea increases nuclear power generation. US court overturns Trump’s offshore wind project ban.

Read more at Yahoo Finance: Markets Price Chaos as Oil Finds Its Footing