Brent Crude Climbs Past Sixty Two Dollars as Logistics Friction Mounts

The Geopolitical Risk Floor

Brent prices have settled higher as traders price in risks from Russia, Venezuela, and Iran. While OPEC+ spare capacity is moderating, the threat to maritime logistics from U.S. tanker blockades and drone strikes on Russian facilities is providing a prompt-month price floor.

Demand Destruction Risks

Weak manufacturing data from Europe and the rapid transition to renewables in Asia continue to cap Brent's upside. A Reuters poll of 35 analysts suggests Brent will average $62.23 for the full 2026 year, reflecting a market that is fundamentally well-supplied.