Oil prices up as equities extend record run higher despite woes

Oil prices climbed and stock markets hit new heights on Tuesday as investors tracked developments surrounding crude-rich Venezuela as well as the outlook for the global economy.

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The United Nations voiced deep concern over the dramatic US operation in Venezuela, warning that it clearly “undermined a fundamental principle of international law”.

“States must not threaten or use force against the territorial integrity or political independence of any state,” Ravina Shamdasani, spokeswoman for the UN rights office, told reporters in Geneva.

Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro and his wife taken to New York.

They pleaded not guilty to drug trafficking and other charges at a court hearing on Monday, where a judge ordered them to remain behind bars until the next hearing due March 17.

While Venezuela sits on about a fifth of the world's oil reserves, observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.

“With the country pumping less than one percent of the world’s oil after years of under-investment, any major near-term disruption looks more bark than bite,” Matt Britzman, senior equity analyst at Hargreaves Lansdown, said Tuesday.

Brushing off geopolitical concerns, some major stock markets have begun the new year with all-time highs, having already smashed records in 2025.