Oil prices rose in early Asian trading on January 2, 2026, following major losses in 2025. Brent crude was up 0.30% at $61.03 per barrel, while WTI climbed to $57.59 per barrel. Geopolitical tensions supported prices, with allegations of attacks between Ukraine and Russia over the New Year.

Tightening U.S. sanctions on Venezuela’s oil sector added upward pressure. Sanctions on four companies and oil tankers restrict vessels from entering or leaving Venezuelan ports. State oil company PDVSA is shutting wells in the Orinoco Belt due to filling storage space, impacting production of extra-heavy crude.

With global supply high and demand uncertain, geopolitical risks are the main bullish factor in oil markets. Structural pressures from 2025 persist, making near-term geopolitical tensions crucial. The year ahead remains uncertain for oil prices, influenced by geopolitical events and market dynamics.

Read more at Yahoo Finance: Oil Prices Open 2026 Higher as Geopolitical Risk Rises