West Texas Intermediate (WTI) oil prices remain low, around $68.70 per barrel, following expectations of increased supply. The recent announcements about a potential Russia-Ukraine peace deal and easing sanctions on Russia are contributing to this downward trend.

Economic concerns, particularly regarding tariffs imposed by the US, have further diminished demand. In related news, President Trump plans to revoke Chevron Corp.’s oil license in Venezuela, a move that has drawn criticism from Venezuelan officials.

Meanwhile, the Kurdistan regional government has announced it will resume crude exports, pending approval from Turkey. This agreement follows a ruling from the International Chamber of Commerce regarding past unauthorized exports.

The current market has been marked by falling oil prices, primarily as traders react to expectations of more supply. A potential agreement between Russia and Ukraine has prompted speculation that restrictions could be lifted, allowing more barrels to flow into the market. Similarly, discussions surrounding sanctions suggest the possibility of fewer constraints on Russia’s energy sector. As a result, those holding positions tied to oil prices might need to reconsider their strategies. Lower prices often lead to shifts in positioning, especially for those exposed to futures contracts.

Recent economic developments in the United States have also played a role in dampening demand. Trade policies, particularly tariffs, have altered market sentiment, leading to reduced confidence in energy consumption patterns. When economic uncertainty grows, investors tend to reassess their holdings, and we are already seeing caution reflected in oil derivative markets. If these concerns persist, they could weigh on prices even further, reinforcing the recent downward move.

Elsewhere, decisions involving Venezuela have added another layer of geopolitical influence. Donald’s administration is aiming to tighten its stance, with Chevron now at risk of losing its operational privileges in the region. Venezuelan officials have not welcomed this decision, and there is potential for retaliation or counteractions that could impact oil flows. For traders, such shifts in policy create potential volatility, particularly for those engaged in contracts tied to companies operating in the region.

At the same time, developments involving the Kurdish government could inject new volumes into global markets. A resumption of crude exports is now in motion, awaiting a final decision from the Turkish authorities. This follows legal arbitration concerning past shipments without approval. The potential increase in exports comes as other forces are already driving oil prices lower, and if additional cargoes emerge from this region, it could amplify the pressure on prices even more.

For traders navigating the oil derivatives market, the coming weeks present a period where supply expectations and geopolitical manoeuvres will continue to affect price movements. Those with exposure to futures, options, and other oil-linked products may need to weigh the impact of these shifting dynamics carefully. With multiple regions contributing to the current trend, assessing how these changes interact will be essential for managing risk and identifying new opportunities.