Oil prices open 2026 higher

Oil drilling rigs

Oil prices climbed in the first trading session of 2026 after Ukrainian drone strikes targeted Russian oil facilities and US sanctions tightened pressure on Venezuelan exports, following the market’s largest annual loss since 2020 last year.

During Friday’s session, March 2026 Brent futures rose 0.65%, or 40 cents, to $61.25 a barrel by 09:10 am KSA time.

February 2026 WTI futures gained 0.7%, or 40 cents, to $57.82 a barrel.

Russia and Ukraine exchanged accusations of attacks on civilians over the new year, despite talks overseen by U.S. President Donald Trump aimed at ending the nearly four-year war, Reuters reported.

In the latest step to increase pressure on Venezuelan President Nicolas Maduro, the Trump administration last week imposed sanctions on four companies and their oil tankers, saying they operate in Venezuela’s oil sector.