On Friday, February WTI crude oil closed at $60.15, up $0.25 (+0.42%), while February RBOB gasoline increased by $0.0014 (+0.08%). The rise in prices follows a brief decline, driven by geopolitical tensions in Iran amidst ongoing protests and increased U.S. military presence in the Middle East. As OPEC’s fourth-largest producer, Iran’s crude production, currently over 3 million barrels per day (bpd), could face disruptions due to these protests.
Additionally, drone attacks on oil tankers near Russia’s Caspian Pipeline Consortium terminal reduced crude loadings by nearly half to about 900,000 bpd. Meanwhile, China’s crude imports are expected to rise by 10% month-on-month in December, reaching a record 12.2 million bpd. The International Energy Agency (IEA) forecasts a global oil surplus of 4.0 million bpd for 2026, indicating ongoing challenges in balancing supply and demand.
