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Oil advanced after surging on Wednesday as Iran’s leader was reported to have ordered a retaliatory strike on Israel for killing a Hamas leader on its soil. Brent crude broke through $81 a barrel after jumping 3.6% in the previous session, while West Texas Intermediate was above $78. Iran’s Ayatollah Ali Khamenei ordered a direct strike on Israel, the New York Times reported. That comes after Iran said Israel assassinated the political leader of Hamas in Tehran, shortly after killing a senior member of Hezbollah in Beirut.
Commodities
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CNBC TV18•12-12-2025, 06:45

Oil retreats as Ukraine peace hopes, US fuel surplus weigh

  • •Oil prices fell due to investor focus on Russia-Ukraine peace talks and large US fuel inventory surpluses.
  • •Brent crude futures settled at $61.28/barrel, down 1.49%; US WTI finished at $57.60/barrel, down 1.47%.
  • •The US Energy Information Administration reported a 2.5 million barrel rise in gasoline and distillate inventories.
  • •A potential Russia-Ukraine peace agreement could increase Russian oil supply, further driving down prices.
  • •Asian buyers are demanding steep discounts on Venezuelan crude amid increased sanctioned oil supply and US military presence.

Why It Matters: Oil price drops, driven by US surpluses and Ukraine peace hopes, affect your fuel costs.

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