Dubai: Global oil prices edged higher on Tuesday as markets reacted to fresh concerns about supply disruption following a drone strike on a key export terminal in the Black Sea. The strike targeted part of the Caspian Pipeline Consortium facility, which handles a large portion of crude exports from Kazakhstan.
Brent crude traded around 63 dollars per barrel, while US West Texas Intermediate settled close to 59 dollars. Traders said the rise was modest but reflected growing uncertainty in the market.
Exports from the damaged terminal have partially resumed, but loading capacity remains reduced. Only one of the two offshore loading points is currently operating, and repairs on the damaged unit are still in progress. The disruption has already cut export flows and may continue to affect supply in the coming days if repairs are delayed.
This incident adds to an already tense global energy environment, with rising friction between the United States and Venezuela adding new doubts about future supply stability. Any escalation could lead to new restrictions or disruptions that may push prices higher.
OPEC and its allies recently confirmed a small production increase for December, but the group signaled that it may slow or pause future output growth because of market uncertainty and the potential risk of oversupply.
Analysts say the current price level reflects a balance between geopolitical risks and broader expectations about the global economy. Some banks and research groups predict that oil prices may come under pressure next year if production increases in the Americas continue and demand slows. A recent long term outlook suggested prices could drop significantly by 2027 if supply continues to grow faster than demand.
For now, traders are watching developments at the Black Sea facility and monitoring the situation in Venezuela and the OPEC region. Any major turn in these areas could shift the market again.
Market experts say short term prices may stay near current levels but warn that longer term trends will depend on global economic performance, energy transition policies and how quickly supply returns to normal.