Affected by winter storms hitting US oil-producing regions hard, international oil prices rose sharply on Tuesday. WTI crude oil broke through $62 per barrel, rising 2.84% intraday to $62.65 per barrel; Brent crude oil closed up 2.61% to $66.53 per barrel. Over the weekend, crude oil exports from the US Gulf Coast briefly dropped to zero, and analysts estimated that the storm caused a daily US oil production loss of 2 million barrels, significantly tightening market supply in the short term.

Multiple factors combined to support oil prices. The slow resumption of production at Kazakhstan’s Tengiz oilfield, coupled with the weakening dollar boosting crude oil’s attractiveness, and escalating geopolitical tensions—with US aircraft carriers and escort ships arriving in the Middle East, increasing uncertainties in US-Iran and Russia-Ukraine situations—also provided support. Market rumors suggest that OPEC+ may extend the March production increase suspension plan at its February 1 meeting, further strengthening expectations of supply contraction. However, as US oil production facilities gradually recover, if demand fails to keep pace, the upside potential for oil prices may be limited, and continuous attention should be paid to weather in oil-producing regions and OPEC+ policy trends.