Brent crude oil futures hovered around $61.6 per barrel on Tuesday, after a volatile session on Monday that ended 1.7% higher amid heightened geopolitical tensions involving Venezuela. Investors continued to assess the impact of US actions toward Venezuela on global oil supply. While Venezuela holds the world’s largest proven crude oil reserves, analysts noted that any disruption to its exports is unlikely to have a meaningful impact on prices, as the country accounts for only a small fraction of global supply. Years of underinvestment have left Venezuelan production at less than 1% of global output, limiting its influence on the broader market. At the same time, oil prices remain under pressure from ample global supply. Saudi Arabia has also cut its official selling prices to Asia for a third consecutive month, signaling softer demand conditions. Meanwhile, OPEC+ reaffirmed on Sunday its decision to maintain current output levels through the first quarter.