Oil prices edged higher during Asian trading on Friday after reports indicated that the United States is preparing to seize additional tankers carrying Venezuelan crude, helping the market recover from a steep decline. Brent crude for February rose to $61.61 a barrel, while WTI climbed to $57.95. Despite the rebound, both benchmarks remain down more than 3% for the week, having touched seven-week lows on Thursday.
According to Reuters, Washington is set to expand its seizure operations following the recent detention of the tanker Baron Commander off the coast of Venezuela. Tougher enforcement of sanctions could prompt shipowners to reconsider transporting Venezuelan crude, adding a new layer of supply risk and supporting prices.
However, gains remained capped as traders monitored renewed diplomatic efforts between Russia and Ukraine. Any progress toward a ceasefire could shift expectations surrounding sanctions on Russian energy exports and reshape supply outlooks, limiting the upside for crude even as headline-driven volatility persists.