Oil prices fall despite rising geopolitical tensions

Oil drilling rigs

Oil prices fell on Friday, posting weekly losses amid uncertain market prospects, despite escalating geopolitical tensions and ahead of a key meeting of the OPEC+ alliance.

Brent crude futures for March delivery declined 0.16%, or 10 cents, to $60.75 per barrel, marking a 0.18% loss for the week.

Meanwhile, US WTI crude futures for February delivery slipped 0.17%, or 10 cents, to $57.32 per barrel, deepening weekly losses to 1%.

Russia and Ukraine exchanged accusations of launching attacks on civilians on New Year’s Day, despite ongoing US-brokered peace talks.

The administration of US President Donald Trump intensified pressure on Venezuela this week, imposing sanctions last Wednesday on four oil companies and their affiliated tankers, which it said were helping Caracas evade sanctions.

Trump also threatened to support protesters in Iran, days after a wave of domestic protests erupted in the country.

These developments come as energy markets await an OPEC+ meeting scheduled for next Sunday, amid reports that the group may maintain its decision to suspend production increases during the first quarter of 2026.