Oil prices held firm on Tuesday, December 2, 2025, as traders weighed up risks from Ukrainian drone strikes on Russian energy sites.
Brent crude futures rose 7 cents, or 0.1%, to $63.24 a barrel by 0657 GMT, while U.S. West Texas Intermediate crude gained 13 cents, or 0.2%, to stand at $59.45 a barrel.
“Oil held gains as traders awaited President Trump’s moves on Venezuela and assessed Black Sea terminal damage,” Saxo analysts said in a note to clients.
On Monday, the Caspian Pipeline Consortium said it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on November 29.
Russia’s Kommersant newspaper, citing unnamed sources, on Monday said that oil loadings had resumed via the single point mooring 1 (SPM 1), while SPM 2 was damaged.
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“The military action further supports our opinion that a peace deal is highly unlikely anytime soon and that the diesel/gasoil markets are on the cusp of pulling the complex back up,” analysts at Ritterbusch and Associates said in a statement.
On the negotiation front, Ukrainian President Volodymyr Zelensky said on Monday that Kyiv’s priorities were to maintain sovereignty and ensure strong security guarantees, adding that territorial disputes remained the most complicated sticking point.
United States envoy Steve Witkoff is due to brief the Kremlin on Tuesday.
U.S. President Donald Trump spoke with his top advisers to discuss the pressure campaign on Venezuela, a senior U.S. official said.
On Saturday, Trump said the airspace above and surrounding Venezuela should be considered “closed in its entirety,” without providing further details.
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