Oil & Gas

Oil prices rose sharply on Thursday, May 29, with Brent crude up $1.03 to $65.93 and WTI up $1.06 to $62.90 per barrel. The surge followed a U.S. court ruling that blocked most President Trump’s broad tariffs, a move that relieved global trade concerns and encouraged market optimism. At the same time, traders are bracing for potential new U.S. sanctions on Russian oil exports, which could further constrain global supply and add upward pressure on prices. The possibility of more geopolitical strain, especially involving Russia and Venezuela, continues to stir uncertainty in energy markets.

Business and economic factors are also driving bullish sentiment. Chevron has halted its Venezuelan oil operations following a U.S. license revocation, cutting roughly 290,000 barrels per day from the market. Meanwhile, a wildfire in Alberta, Canada, has temporarily reduced oil and gas output. Analysts from Rystad Energy expect demand to exceed supply by 600,000 to 700,000 barrels daily from May through August. This demand-supply imbalance, combined with OPEC+ considerations for further production hikes, indicates a potentially tighter market in the months ahead.