WTI crude futures climbed for a fourth consecutive session after reports that sanctions enforcement has sidelined roughly 300,000 barrels per day of Venezuelan oil exports. Analysts at Energy Intelligence estimate that the loss of Caracas’s light sweet crude could tighten the Atlantic Basin market by up to 5%. In addition, recent demonstrations in southern Iran have temporarily halted operations at the South Pars gas field, further tightening regional supply lines. According to a survey by Oil Market Research Ltd., hedge funds have raised their net long WTI positions by 12% over the past week, betting that continued supply constraints will support prices through the end of the first quarter.

U.S. Energy Information Administration data released Wednesday showed a drawdown of 6.8 million barrels in domestic crude stockpiles, outpacing analyst forecasts of a 3.5 million‐barrel decrease. At the same time, the U.S. Coast Guard has stepped up patrols in the Gulf of Mexico in search of Venezuela-linked tankers suspected of attempting ship-to-ship transfers to evade sanctions. According to shipping intelligence firm PetroNav, 15 vessels have been diverted from their original destinations in the past ten days, representing roughly 10% of the Gulf’s usual tanker traffic. Market strategists from Capital Commodities warn that if tanker bottlenecks persist, WTI could face further upside pressure as refiners scramble to secure alternative crude sources.