Oil prices rose on Wednesday, but are on track to decline by more than 15% in 2025, after supply exceeded demand in a year marked by wars, rising tariffs, increased OPEC+ production, and sanctions on Russia, Iran, and Venezuela.
Brent crude futures have fallen by approximately 18%, the largest annual decline since 2020, and are heading for losses for the third consecutive year, marking their longest losing streak on record.
– Oil prices rise amid anticipation for results of talks between Trump and Zelenskyy
The March contract, which expires today, Wednesday, increased by 11 cents to $61.44 per barrel.
Oil prices stabilize on Tuesday after rising more than 2% in the previous session
On Tuesday, oil prices stabilized after rising more than 2% in the previous session, following Russia’s accusation that Ukraine targeted President Vladimir Putin’s residence and as investors sought clarity on the status of Ukrainian peace talks to assess the likelihood of supply disruptions.
February delivery Brent crude futures, which expired on Tuesday, fell by 2 cents to $61.92 per barrel. The more actively traded March contract was at $61.44, down 5 cents. U.S. West Texas Intermediate crude futures fell 5 cents to $58.03 per barrel.
Russia
Russia is the world’s largest country by area, spanning Eastern Europe and Northern Asia. Its history is marked by the rule of the Tsarist Empire, the Soviet Union era following the 1917 revolution, and its current status as a major federal republic. The nation is renowned for its vast landscapes, rich literary and artistic traditions, and complex political history.
Iran
Iran, historically known as Persia, is home to one of the world’s oldest continuous civilizations, with a rich history spanning thousands of years from the ancient Achaemenid Empire to the modern Islamic Republic established in 1979. Its cultural landscape is marked by significant sites like Persepolis, intricate Persian arts, and influential contributions to science, mathematics, and literature.
Venezuela
Venezuela is a South American country with a history of indigenous inhabitation before Spanish colonization in the 16th century. It gained independence in the early 19th century and is known for its significant oil reserves and diverse natural landscapes, including Angel Falls, the world’s tallest waterfall.
Ukraine
Ukraine is a country in Eastern Europe with a rich history dating back to the medieval state of Kyivan Rus, which is considered a foundational predecessor for both Ukraine and Russia. It has experienced periods of independence, foreign rule, and, most recently, the 2014 Revolution of Dignity followed by the ongoing conflict with Russia that began with the 2022 invasion.
U.S. West Texas
U.S. West Texas is a vast, arid region historically defined by cattle ranching, oil booms, and frontier conflict. Key cultural sites include the Alamo in San Antonio, a mission turned fortress central to the Texas Revolution, and the stark landscapes of Big Bend National Park. The area’s history is deeply tied to Native American cultures, Spanish colonization, and its later role as part of the independent Republic of Texas.
