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2025-12-17 18:06:16
[Escalating Geopolitical Tensions Cause Oil Prices to Rebound; Spot Premiums and Supply Dynamics Underscore] ⑴ Middle Eastern crude oil benchmark prices rose on Wednesday, primarily due to the US announcement of a "comprehensive" blockade of all sanctioned oil tankers entering and leaving Venezuela, exacerbating geopolitical tensions. ⑵ Supply concerns intensified further, with reports that the US was preparing a new round of sanctions against Russia's energy sector in case a peace agreement was rejected, driving global crude oil futures up 2% on Wednesday. ⑶ In the spot market, the premium of Dubai crude oil over swap contracts rose 11 cents to 46 cents per barrel, reflecting tighter spot supply. ⑷ Specific transactions showed that multiple Upper Zakum crude oil spot deals were executed at prices between $59.70 and $59.73 per barrel, with Glencore being the main buyer and major oil companies such as ExxonMobil and BP being sellers. (5) Despite sanctions pressure, India’s crude oil imports from Russia are expected to return to more than 1 million barrels per day in December as refiners turn to unsanctioned entities to buy crude oil at deep discounts, highlighting the reshaping of global supply flows.
