Crude climbed higher amid supply risks and OPEC+ output uncertainty

Global crude oil prices advanced by over 1% on Wednesday, driven by escalating geopolitical tensions and renewed uncertainty surrounding OPEC+ production policy — both of which have reignited fears over tightening global supply.

Brent gained 81 cents, or 1.26%, to settle at $64.90 a barrel

WTI climbed 95 cents, or 1.56%, closing at $61.84

The rally followed the United States’ announcement of potential new sanctions on Russia, intensifying pressure over its protracted war in Ukraine. Simultaneously, Washington moved to halt Chevron’s ability to export Venezuelan crude.

The market’s reaction highlights its continued sensitivity to geopolitical developments. Earlier this year, Brent briefly breached the $80 per barrel mark after the initial round of US sanctions targeting Russia’s energy sector. Any fresh crackdown could once again disrupt Russian oil flows.

Investor focus now shifts to the upcoming weekend, when eight key OPEC members are due to decide whether to raise output for July — a move that, if confirmed, would mark a third consecutive monthly increase. Sources familiar with the discussions indicate that preliminary talks have already considered a substantial hike.