21/01/2026
Oil markets are sending mixed signals as 2026 takes shape 🛢️
Brent is trading near $64.91 and WTI around $60.36, supported by short-term geopolitical risk following unrest in Iran. At the same time, banks are warning that a supply surplus later this year could cap any sustained upside.
Venezuela adds another layer of complexity.
Exports have restarted in parts, but most barrels continue to flow to China at deep discounts, reflecting competition with sanctioned Russian and Iranian crude. The result is more volume, more volatility, and continued pressure on pricing.
Analysts are now lowering their average 2026 price expectations, especially for the second half of the year. The message is clear:
This is not a shortage story, it’s a balance and discipline story.
In environments like this, timing, cost control, and capital efficiency matter more than headline prices.