Oil prices surge after Black Sea terminal attack and Venezuela supply risk

Dec 1, 2025, 10:59:41 AM UTC(124 days ago)

Impact: Very High

Affected Assets

Oil prices rose by as much as 1.5% on Monday, driven by the dual concerns of supply disruption in the Black Sea and geopolitical risk in Venezuela.
The Caspian Pipeline Consortium (CPC), which handles over 1% of global oil, temporarily halted operations after a mooring at Russia's Black Sea terminal was significantly damaged by a Ukrainian naval drone attack.
Ukrainian naval drones also struck two sanctioned oil tankers heading to a Russian port to load crude destined for foreign markets, escalating tensions in the region.
The prospect of US action against Venezuela, including President Trump considering closing the nation's airspace, created fresh uncertainty, as Venezuela is a major heavy-sour oil producer.
OPEC+ members contributed to the price rise by reaffirming their plan to pause production increases in the first quarter of the next year, tightening the supply outlook.

Oil rises after attack on key Black Sea terminal, Venezuela risk https://t.co/3Jy9e8IZ71 via @business