Oil prices rose slightly on Boxing Day due to increased geopolitical risk in the markets. ICE Brent surpassed $62 per barrel amid tensions in Venezuela and strikes on Nigeria by the U.S.

The U.S. ordered military forces to “quarantine” Venezuelan oil and struggled to enforce a blockade after a failed seizure. This action will impact oil trading for at least two months.

China issued refined product export quotas, keeping volumes steady year-on-year. They also issued quotas for low-sulphur marine fuel as Beijing focuses on domestic consumption.

Eneos is leading bids to purchase Chevron’s stake in a Singapore refinery valued at $1 billion. The deal is expected to be finalized soon, making Eneos the front-runner.

Kazakhstan’s CPC Blend oil outflows were reduced by a third due to winter weather delays following a Ukrainian drone attack on a port jetty, affecting exports.

Iran halted gas supply to Iraq, causing a significant electricity gap in major Iraqi cities. This move impacts Iraq’s gas and power requirements, as Iran typically supplies a large portion.

Fitch Ratings upgraded Pemex’s national rating to AA due to the Sheinbaum government’s efforts to address debt issues. Pemex reported a debt of $100.3 billion in Q3 2025.

India received a waiver to continue importing Russian crude from Rosneft. This waiver allows Reliance Industries to import 350,000 b/d in December despite sanctions on Rosneft.

BP agreed to sell a majority stake in its Castrol unit to Stonepeak for $6 billion. The deal will see Stonepeak owning 65% of Castrol, with BP retaining a 35% stake after approval.

Russia postponed its LNG output target amid Western sanctions, citing adverse impacts on the industry. Current output stands at approximately 35 mtpa, well below the initial target.

Silver rallied 150% in 2025, reaching $75 per ounce for the first time due to tight inventories and high demand. This surge outshone gold and palladium’s record highs.

China’s CNOOC discovered a 750-million-barrel oil deposit in the Bohai Sea, marking the largest find in Chinese territory this year. The deposit has significant potential for oil production.

Indonesia launched its Petroleum Bidding Round 3, offering 8 blocks in frontier areas to encourage exploration. Improved terms aim to enhance cost recovery and lower taxation for companies.

Read more at Yahoo Finance: Geopolitics Lifts Oil Prices in Thin Holiday Trading