Brent crude oil futures dropped more than 1% to below $64 per barrel on Wednesday, giving back gains from the previous session, weighed down by geopolitical tensions and anticipated inventory builds. President Trump said there is “no going back” on his Greenland ambitions, with earlier threats of new European tariffs raising concerns about slower economic growth. Meanwhile, US crude and gasoline inventories were expected to rise last week, while distillate stockpiles were seen falling ahead of the EIA data. Offsetting some losses, Kazakhstan, an OPEC+ member, temporarily halted output at the Tengiz and Korolev fields, with production likely offline for 7–10 days due to power issues, though the disruption is temporary. Elsewhere, US forces seized a seventh Venezuela-linked oil tanker as part of an intensified effort to enforce sanctions and disrupt the country’s oil trade.